Category: Advanced Bookkeeping
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Bookkeeping – Policies and Procedures (Lesson 96)
At the peak of the hierarchy of internal controls sits policies. Policies are written by the highest echelon of management for a company, its Board of Directors or Trustees. The upper tier and mid level management of a business develop procedures to carry out the policies of the company.
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Bookkeeping – Controls in Accounting (Lesson 95)
Just as manufacturing uses controls to ensure quality of product, controls are used in accounting to generate accurate information, maintain security over assets and comply with Generally Accepted Accounting Standards.
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Bookkeeping – Employer Provided Vehicle (Lesson 94)
With small business it is very common to provide a vehicle to the owner and key employees. It is often done in the construction industry and transportation sector. The idea is to provide transportation for not only the convenience of the employer but as retention tool for employees.
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Bookkeeping – Other Employer Provided Benefits (Lesson 93)
Other employer provided benefits are composed of three groupings of benefits: welfare, other (Life Insurance, Auto & Education) and fringe.
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Bookkeeping – Cafeteria Plans (Lesson 92)
Cafeteria plans, a.k.a. Section 125 plans, are employer sponsored benefit packages that allow employees to choose from a menu of options and allocate their allotted share to the items they pick. With this type of plan the employer agrees to an allowance per employee to contribute to the package. The employee may either take the allowance as…
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Bookkeeping – Health Savings, Reimbursement and Flexible Spending Accounts (Lesson 91)
One of the drawbacks to the health insurance mandate for small business employers is the cost of the premium for the plan. To alleviate and reduce the cost of these premiums, employers provide alternatives in the form of health savings, reimbursement and flexible spending accounts.
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Bookkeeping – Employer Provided Retirement Plans (Lesson 90)
For the longest time a retirement plan was the most important employee benefit to offer. Today it is number two behind health insurance which is mandated by law. Still, it is a sought after benefit by employees and an excellent recruitment and retention tool for employers. There are two broad groups of retirement plans.
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Bookkeeping – Employee Health Insurance Mandate (Lesson 89)
After three decades of discussion, in-fighting and wrangling, Congress passed a health insurance mandate along party lines of vote. This health insurance mandate changed the rules for employers and affects the accounting department and in particular, the proper bookkeeping for the respective amounts paid by both the employer and employee.
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Bookkeeping – Employee Benefits (Lesson 88)
There are a multitude of employee benefits employers provide to their employees. This series covers several groups of benefits and explains the legal and accounting issues related to them. This particular lesson introduces the concepts behind employee benefits and the basic accounting process.
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Bookkeeping – Estimating Extraordinary Items (Lesson 87)
The final type of estimating relates to unusual and infrequent items; these are commonly referred to as extraordinary items. Basically, they rarely occur but do happen once or twice over an economic cycle.