Capital Assets Accounting 101

Has Anyone Ever Sat You Down and Really Explained the Process of Accounting for Capital Assets? I know, you’re probably thinking “chained down” might be a better description of what it would take to get you through a lecture on capital assets accounting.  However, if you would like to reduce, potentially to zero, the number of year-end audit adjustments […]

An Exercise in Negative Thinking

Haven’t We Always Been Told to … Think Positive? The concept of conducting a “Financial Reporting Risk Assessment” can be a difficult one to grasp.  That’s because this is an exercise which requires the accounting personnel of an organization to put their heads together and think about what could go wrong with the numbers they are generating […]

Credit Cards. To Be or Not to Be?

Are you concerned about putting credit cards into the hands of employees? We often hear questions from our clients such as… “Is it okay to make credit cards available to employees for purchasing needs?” “Can some employees carry credit cards all the time?” “How would you recommend we monitor credit cards?” “Do we have to […]

Accounts Payable. Why Must it be so Accrual?

Operating on the Cash Basis of Accounting would be so Easy. On the cash basis of accounting, bills would count against the budget when the check was cut, and accounts payable would technically not exist. Unfortunately, most governmental entities use modified accrual accounting which requires a bill to count against the budget when the related good or […]