Bookkeeping

0 like 0 dislike
408 views
in Articles - GrizzlyFlash
So what goes on the accounting and bookkeeping departments? What do these people do on a daily basis?

Well, one thing they do that's terribly important to everyone working there is Payroll. All the salaries and taxes earned and paid by every employee every pay period have to be recorded. The payroll department has to ensure that the appropriate federal, state and local taxes are being deducted. The pay stub attached to your paycheck records these taxes. They usually include income tax, social security taxes pous employment taxes that have to be paid to federal and state government. Other deductions include personal ones, such as for retirement, vacation, sick pay or medical benefits.  It's a critical function. Some companies have their own payroll departments; others outsource it to specialists.

The accounting department receives and records any payments or cash received from customers or clients of the business or service. The accounting department has to make sure that the money is sourced accurately and deposited in the appropriate accounts. They also manage where the money goes; how much of it is kept on-hand for areas such as payroll, or how much of it goes out to pay what the company owes its banks, vendors and other obligations. Some should also be invested.

The other side of the receivables business is the payables area, or cash disbursements. A company writes a lot of checks during the course of year to pay for purchases, supplies, salaries, taxes, loans and services. The accounting department prepares all these checks and records to whom they were disbursed, how much and for what. Accounting departments also keep track of purchase orders placed for inventory, such as products that will be sold to customers or clients. They also keep track of assets such as a business's property and equipment. This can include the office building, furniture, computers, even the smallest items such as pencils and pens.

Please log in or register to reply to this post.

Related posts

0 like 0 dislike
0 comments 443 views
0 like 0 dislike
0 comments 1,351 views
0 like 0 dislike
0 comments 447 views
0 like 0 dislike
0 comments 420 views
0 like 0 dislike
0 comments 414 views
0 like 0 dislike
0 comments 442 views
0 like 0 dislike
0 comments 426 views
0 like 0 dislike
0 comments 405 views
0 like 0 dislike
0 comments 393 views
0 like 0 dislike
0 comments 407 views
0 like 0 dislike
0 comments 439 views
0 like 0 dislike
0 comments 393 views
0 like 0 dislike
0 comments 392 views
0 like 0 dislike
0 comments 426 views
0 like 0 dislike
0 comments 379 views
0 like 0 dislike
0 comments 414 views
0 like 0 dislike
0 comments 408 views
0 like 0 dislike
0 comments 417 views
0 like 0 dislike
0 comments 374 views
0 like 0 dislike
0 comments 396 views
0 like 0 dislike
0 comments 367 views
0 like 0 dislike
0 comments 429 views
0 like 0 dislike
0 comments 355 views
0 like 0 dislike
0 comments 345 views
0 like 0 dislike
0 comments 348 views
0 like 0 dislike
0 comments 353 views
0 like 0 dislike
0 comments 298 views
0 like 0 dislike
0 comments 319 views
0 like 0 dislike
0 comments 291 views
0 like 0 dislike
0 comments 291 views
0 like 0 dislike
0 comments 344 views
0 like 0 dislike
0 comments 334 views
0 like 0 dislike
0 comments 293 views
0 like 0 dislike
0 comments 343 views
0 like 0 dislike
0 comments 339 views
0 like 0 dislike
0 comments 312 views
0 like 0 dislike
0 comments 302 views
0 like 0 dislike
0 comments 335 views
0 like 0 dislike
0 comments 342 views
0 like 0 dislike
0 comments 382 views

55,458 posts

595 comments

2 comments

585,926 users

Connect with us:
...