Bookkeeping

Bookkeeping is the process of recording of an economic transaction to the financial books of record for a business.

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. The company implements various controls to assure accurate and timely information. 

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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 additional cash income (fully taxed) or allocate the amount among the various benefit options.

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Bookkeeping – Employee Health Insurance Mandate (Lesson 89)

Employee Health Insurance Mandate

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)

Employee Benefits

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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