Accounts payable is one of the areas that is likely to involve errors or misappropriation of assets. Internal controls will help to mitigate such risks. The three-way match is a well-known control related to accounts payable.

Accounts payable represent an important area in the accounting realm of any organization. This article provides a list of accounts payable best practices.

Working capital plays in important role in a company. In this article, we will take a look at ten reasons working capital requirements can increase and how to better manage working capital.

General ledger may not be able to maintain all individual transactions of a company. This is especially true in large organizations where there may be thousands of transactions each day. In such cases, subsidiary ledgers and special journals are used. In this article, we will discuss the most common types of subsidiary ledgers.

Differences between accounts payable (balance sheet) and expenses (income statement) are sometimes confusing. In this article, we will discuss such differences and show how the two types of accounts can be connected in a journal entry.

In its regular course of business, a company needs to verify its balances and turnovers with banks, suppliers or other counterparties. The confirmation process is one of the ways to obtain such information. The article below focuses attention on the confirmation process peculiarities and contrasts accounting and audit confirmation procedures.

Long gone are the days where large companies only sell products in one country. The growth of the global economy has provided many opportunities for growth, but that growth has brought with it unique accounting challenges. In this article, we’ll describe several common issues associated with accounting for transactions in foreign currencies.

In our computerized world most accounting records are maintained in accounting software databases or spreadsheets, and accountants don’t think much in terms of general ledger or subsidiary ledgers like they did when most accounting records were maintained on paper. However, such concepts still exist. In this second part of the two-part article we will look at examples of accounts payable subsidiary ledger (i.e., accounts payable aging), inventory subsidiary ledger, and fixed assets subsidiary ledger.

Income taxes are usually a significant expense of a company. For example, many corporations pay income taxes in 30-40% range. In this article, we will discuss a basic concept that applies to the payment of federal, state, or local income taxes. We will limit our discussion to taxes paid by corporations. We will not cover, in this article, temporary differences and the allocation of income taxes between financial statement periods. These topics will be discussed in later articles.