Account Bookkeeping Question

Account Bookkeeping Question

Account Bookkeeping Question

When paying for office supplies purchased in June on account, which accounts are affected?

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Bank Accounts Not Reconciled for Years

Bank Accounts Reconciliation

Bank Accounts Reconciliation

Hi, I recently started a new position with a company. I have no accounting training other then I have worked in Accounts Payables before for 6 months. The main person in charge of all the accounting transactions and bank balancing and reconciliations has not been doing it for a long time.

There is a Bank A Operating Clients Trust Account which has not been reconciled since 2000. There is a Bank A Security Deposit Clients Trust Account which has not been reconciled since 2015. There is also a Bank B Security Deposit Clients Trust Account which has not been reconciled since 2015.

So my boss has asked me to get all the reconciliations current because he was unaware they were not being done, which he knows was his error for not making sure it was done. The person who was supposed to be doing it has been here since 2000.

So I have come across many discrepancies and there are red flags for fraudulent characteristics and activity which I have researched. I have told my boss and so he would like to at least just start in 2017 and then for all the pre 2017 stuff I believe he plans to hire out or deal with after he has time to process all of this.

I can't use our software to reconcile because it wont let you skip years of reconciliations. My questions is would it be best to start January 2017 and then just get one big figure for him to get account correct and then go back to research later. Or should I just start in 2015 and as discrepancies come up add adjustments? Thanks for any help or advice please.

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Clearing Accounts

by Karen
(Montana)

The bar/restaurant business has "clearing" accounts, for example, atm clearing. What are these used for and how are they reconciled?

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Current Ratio Account

What is current ratio?

What is the formula for finding the current ratio?

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Free Reserve Account

What is meant by free reserve in a club account?

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IT Accounts on sage

I am doing accounts for an IT Company on sage .

They have many server and website costs going through.

Should I be putting them in as a direct expense and changing my chart of accounts. Or keep it as an overhead

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Juggling Two Bank Accounts

We have two businesses. One bank account I'll call Account A and the other Account B.

Account A has debit transactions that should have been made into Account B.

Is there a way to properly get that info into the Account B where it should have originated?

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Ledger

If a firm purchases office equipment which account should record the purcase the purchase account? Or do you make a office equipment account?

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Register Is Off

by B Harkness
(NYC)

The register in my account is off. It shows I have a negative balance, however I can reconcile every month. How do I fix the register to show the correct balance, or how can I see what my account balance is if the register is wrong?

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Reviewing a Clients Account

by Keisha
(Bronx, NY)

What do I look for when reviewing a clients account?

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Shareholders Account

by Tracy
(Vancouver, BC)

The owner has been purchasing supplies using cash and his personal Visa. I have created a Due to Shareholders account in Quickbooks. I have entered these entries by crediting Shareholders account and debiting the account of what was purchased, for example, office supplies.

My question is he periodically takes cash out of the business account, $100.00 here and $40.00 there. I know I have to now debit Shareholders account and credit another account.

My problem is I don't know what account to credit. I know it should be what he has purchased throughout the month but I can't tell what he is paying himself for because he just takes out money here and there.

Should I create another account in Quickbooks to debit when he takes out cash?

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Stock In Ledger Account

by Lucky Sharma
(Ambala Cantt)

If a stock is due in a ledger account and it is necessary to surrender the business firm in the sales tax department, what needs to be done?

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What Is The Proper Way To Itemize This Scenerio?

by Jennifer
(Sunrise, FL, USA)

What is the proper way to itemize this scenerio?

Company I am helping is a middle man for title company and County court houses.

He receives money from title company and pays county. He does not want to show this as revenue. The only revenue is his fee of 8 dollars per transaction.

I am creating an invoice for each client with I tem lines county fee, service fee. I just want to make sure the county fee is not recorded as revenue. We are sending that money right back out to the county So we dont touch it. I'm thinking I want to connect it to the vender which would be County. But would it be an expense for both the invoice and the bill/ check. or what do i do. I'm brain farting.
Please help.
I hope you understand what i'm asking.

Thank you for your assistance,
Jennifer

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Withdrawal Account

by Annie
(Hong Kong)

In a Partnership company, what does Withdrawal account come under: Assets, current assets, liabilities, current liablities or any other?

Thanking you.

Hi Annie,

Thank you for your contribution. I believe you are referring to a type of drawing account. If so, the partnership withdrawal account would come under an Equity classification.

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