Flexible spending account

(which was the bill for May water sales) July would also see a write-off of any not paid bills sent in June (which was for May water sales). Therefore, using this method, collections will take an extra month. And there will be a carried over account receivable amount from the previous 2 months of water sales. Compared to the original calculations, which collects and writes-off any outstanding amounts within the next month follow the original sales amount.…

matching the address on the potential member’s photo ID to that of the referring member. If the addresses do not match, STOP! The NCUA is very clear that they must live in the same residence. Identity Verification Obtain information BEFORE opening an account. Verify the potential member’s government issued I.D. is valid and not expired! Government-issued identifications can include a driver’s license, identification card, passport, or military ID. Employee badges, credit cards, check cards and…

should log and calculate the money and receipts and the beginning of their shift and at the end of the day, and sign off and date it. At the end of the week the staff member that is in charge of the petty cash will take all of the receipts to the accounts manager, so that it can be used for businesses taxes. Write a policy for use of petty cash in this office. Include items you think might be paid from a petty cash fund. Petty cash policy for Baker Clinic: This policy establishes the proper…

horizontal analysis shown that from January 2013 to October 2014 the sales returns and allowances increased and the net income declined significantly. Assumed that during January 2013 to October 2014 the accounts that could affect revenues were relatedly stable except for the sales returns and allowances account and there was no special manufacturing problems that could cause increasingly sales returns, therefore, it should be a…

administrative and interest fees are applied. Interest fees will not accumulate until after the suspense date on the debt letter. Interest fees are processed as a DS01, company code E000088. 4) If a proration is requested and approved, then administrative and interest fees are applied. NOTE 2: When multiple Notification Letters of Indebtedness are sent out with the same suspense date, only one administrative fee is applied. NOTE 3: Administrative fee is not charged for debts that are placed…

how much people have spent over a given period or conversely by taking the sum of how much people have earned, both produce the same amount. The former is a lot more common and it can be determined by taking the sum of total consumption, government spending, investments, and net exports (GDP=C+I+G+(X-M). GDP is one of the best tools for determining how a country is doing now, where it has been, and its growth can tell a lot about where it is headed. The Federal Reserve uses real GDP to influence…

1. Daily bank deposits do not always correspond with cash receipts. The time difference between receiving and depositing cash or checks causes bank deposits do not always correspond with cash receipts. That is why bank reconciliation is very important to a company. Performing bank reconciliation improves a company’s internal control especially in cash. To get an effective outcome of internal control, Covington, Inc. can reconcile its bank statement every two weeks instead of every month.…

A health savings account (HSA) is designed to help you pay for medical expenses if you have an insurance plan with high premiums. For many, an HSA is also a way to lower your yearly tax bill through deductions, invest your money and prepare for the unexpected. While there are many reasons to use this kind of account, there is a penalty for using HSA funds for non-eligible expenses. What Is the Penalty for Using HSA Funds? If you are using an health savings account to cover eligible medical…

In 2015, it added to be 18.4 billion, though this is more than a billion less than it had been the previous year. They have seen noticeable jumps in their accounts payable, along with long term debt. The most recent accounts payable totaled 506 million, nearly 3 million more than it had been in 2012. The long term debt took a steeper incline though, raising to more than 12 billion. In 2011, this number had only been 7.34 billion, and the…

The consciousness that finally all of the accounting material stored in my brain has a meaningful purpose, other than to pass my required classes is exhilarating. Being able to convert theoretical skills into practical skills is beyond astonishing for me. An on growing locally owned business gave me the opportunity to finally work hands on with a job related to my accounting degree. Participating under the supervision of Elizabeth Rubio, who counts with a master’s degree in accounting, was a…