Loan


Bookkeeping

It may be split into two daybooks: receipts daybook for money received in, and payments daybook for money paid out

  • General Journal daybook, for recording journals
  • Petty cash book

    A petty cash book is a record of small value purchases before they are later transferred to the ledger and final accounts, it is maintained by a petty or junior cashier...


    Finally financial statements are drawn from the trial balance, which may include:

    Entry systems

    Two common bookkeeping systems used by businesses and other organizations are the single-entry bookkeeping system and the double-entry bookkeeping system...
    Using the rules of double entry, these journal summaries are then transferred to their respective accounts in the ledger, or account book...
    This type of cash book usually uses the imprest system: a certain amount of money is provided to the petty cashier by the senior cashier...
    Most individuals who balance their check-book each month are using such a system, and most personal finance software follows this approach...
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    Imprest System – a Loan System Controlling Fraud and Theft!

    So, the main idea of this system is to make the petty cash balance at the beginning of the month equal to the previous month cash balance amount...
    S long as the balance of the mount is adequate your petty cash account will not have the problems...
    So you can to spend $90 from this sum a month and then you are to replenish this sum to your account to bring your petty cash float balance back to the initial sum you had there - $100...
    Otherwise in case you can not do it it should be replenished by a guardian that is usually presented by a bookkeeper that can do take the expenses from his own personal account petty cash float...


    How does this petty cash book looks like? Normally it is a book that is kept for controlling the petty cash of any company or department...
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    The Right Way To Use Your Credit Cards

    In these cases, you’ll set up a minimum payment each month throughout the 0% period, but then you MUST make sure you pay the balance in full the month before the 0% period ends.

    Step 2: Benefit from deferred cashflow

    At first, this seems like it does it doesn’t have any benefit...
    There will be a section where you fill in your bank details to pay off the card, and there will be a box asking you whether you want to pay the minimum balance, the full balance or some other number each month.

    Just click the “full balance” box and never change it.

    So, your transaction flow (dates are for illustration only) could be as follows:

    You always automatically pay the full balance before it is due, and then you’ll never have to pay any interest on your credit card.

    Your only exception when you may not want to pay the full balance each month is 0% balance transfer or 0% purchase credit cards where you enjoy a prolonged period of 0% interest...
    I actually use the available credit on my cards to act as my emergency fund, which means that I can invest the 3-6 months of expenses I would usually keep in cash in case of emergency...
    When a big emergency hits (which with proper planning it won’t too often), you can pay it with your credit card and then have a few weeks to liquidate any investments you need to cover the balance.

    Finally, you actually receive much better financial protection when paying on a credit card rather than a debit card...
    And there’s basically only one thing to remember – never fail to pay your balance in full each month!

    ...
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    What are the Imprest System Advantages?



    The Imprest account main feature is the permanent balance as the exact amount of cash in the account taken for several expenditures should be returned by the end of a specific period...
    In order to control money she deals with her director would use Imprest system petty cash account as all the transactions are documented by special checks that should be then replenished.

  • Moreover, this system makes the procedure of purchasing or paying for any service more simple as using the general check book for small amount purchases may seem a little bit inconvenient...
    You are to replenish your Imprest petty cash account within a short period by the end of the month.
  • These are the main Imprest system advantages that it offers to its customers...
    And it is especially helpful if this load is used by the establishment and the custodian is a special person being responsible for the monetary transactions via Imprest system petty cash account...
    When the petty cash amount in hand is reduced and the petty cash is to be reimbursed the company makes the equal check for the receipts total recharging the system for the new month...
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    Balance sheet



    A small business balance sheet lists current assets such as cash, accounts receivable, and inventory, fixed assets such as land, buildings, and equipment, intangible assets such as patents, and liabilities such as accounts payable, accrued expenses, and long-term debt...
    Records of the values of each account in the balance sheet are maintained using a system of accounting known as double-entry bookkeeping...


    A business operating entirely in cash can measure its profits by withdrawing the entire bank balance at the end of the period, plus any cash in hand...


    Personal balance sheet

    A personal balance sheet lists current assets such as cash in checking accounts and savings accounts, long-term assets such as common stock and real estate, current liabilities such as loan debt and mortgage debt due, or overdue, long-term liabilities such as mortgage and other loan debt...
    The balance of assets and liabilities (including shareholders' equity) is not a coincidence...
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    Where to Look for Savings Account Options

    For more pressing issues, customer support is also usually accessible 24/7, so you can talk to an actual human instead of your computer screen.

    Self- Maintenance: Why drive to a branch and talk to a banker to transfer money, update personal information, make payments, or check your balance? You can perform all of these functions and more from your computer screen or mobile device without even getting dressed.

    Superior online and mobile experience: Many traditional banks have been slow to adopt the best web and mobile features to improve the customer experience online...
    However, the best online savings account will still handily beat out the yield of a traditional bank over the long term.

    24/7 Access: You can check your balance, update your contact info, make transfers, and order deposit slips at any time...
    Even with no monthly fee and high rates, Barclays manages some great online banking features like online transfer, external account linking, and remote deposit using your smartphone or home computer scanner.

    Barclays at a Glance

    Synchrony OptimizerPlus
    GE Capital has spun off its retail arm and is now Synchrony...
    For this capability, the Synchrony OptimizerPlus Money Market account differs from their savings account by having a slightly lower rate of 0.85% for any balance, and you need to maintain a $1,500 minimum balance to avoid a $15 monthly service charge.

    Synchrony OptimizerPlus Money Market Account at a Glance

    Understanding Interest Rates
    Due to the extremely low interest rate policy (which directly impacts your bank’s savings rates) from the Federal Reserve, low interest rates on savings accounts will be here for a while...
    This account gives you easy access to your money over the phone, with an optional ATM card, or by transferring funds to another account online...
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    incorporating petty cash into the cash book the petty cash book show a balance at the beginning of the month