The general ledger provides a record of each financial transaction that takes place during the life of an operating company. General Ledger A general ledger represents the record-keeping system for a company's financial data with debit and credit account records validated by a trial balance.Multi-Currency Multi-currency means using more than one currency (such as Canadian currency and American currency) in a multi currency bank account.Generally, it is processed every month in India. Businesses can opt to pay salaries on a weekly, bi-weekly, or monthly basis. A payroll cycle is the time gap between two salary disbursements. Simply put, the process involves arriving at what is due to the employees for a particular payroll cycle after adjusting the necessary deductions like TDS, employees’ PF contribution, meal coupons, etc. But, businesses can manage all the complexities effortlessly by choosing modern technology. It’s a tangled process that needs different teams such as payroll, HR and finance to work together. It starts with preparing a list of employees to be paid and ends with recording those expenses. Payroll Payroll is defined as the process of paying salary to a company’s employees.A specialized form of project accounting, production accounting, is used by production studios to track an individual movie or television episode's costs. It is commonly used by government contractors, where the ability to account for costs by contract can be a requirement for interim payments. While project accounting was traditionally used for large construction, engineering, and government projects, it has now expanded into several other sectors. It involves tracking, reporting, and analyzing financial results and implications, and sometimes the creation of financial reports designed to track the financial progress of projects the information generated by this analysis is used to aid project management. Project Accounting Project accounting is a type of managerial accounting oriented toward the goals of project management and delivery.Revenue recognition principles within a company should remain constant over time as well, so historical financials can be analyzed and reviewed for seasonal trends or inconsistencies. Having a standard revenue recognition guideline helps to ensure that an apples-to-apples comparison can be made between companies when reviewing line items on the income statement. The revenue recognition principle, a feature of accrual accounting, requires that revenues are recognized on the income statement in the period when realized and earned-not necessarily when cash is received. Revenue Recognition Revenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific conditions in which revenue is recognized and determines how to account for it.Through the tax management function of various tools, you can handle local and foreign tax rates.
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