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Bank Reconcilation
process of bringing the book & bank balances into agreement
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Bank statement
statement of account issued by a bank to each depositor once a month
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Canceled checks
depositor's checks paid by the bank during the period
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Cash short & over
- (Change fund can be compared with the amount of cash)
- Cash ShortChange fund $200
- Receipts per register tapes $963.
- Total $1,1163.00
- Cash Count $1,161.00
- Cash Shortage $2.00
- Cash Over
- Change fund $200.
- Receipts per register tapes $814.
- Total $1,014.
- Cash count $ 1,015.00
- Cash overage $1.00
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Combination journal
a journal with such special & general columns
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Depositis in transit
deposits that have not reached or been recorded by the bank before the statement is prepared
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Deposits in transit
is a form showing a detailed listing of items being deposited
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Drawee
the bank on which the check is drawn
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Drawer
the depositor who orders the bank to pay the cash
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Employee earnings record
a seperate record of each employee's earnings
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FUTA
- (Federal Unemployement Tax Act)
- tax is levied only on employers
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Independent contractor
performs a service for a fee & does not work under the control & direction of the company paying for the service
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NSF checks
- (Non Sufficent funds)
- Checks deposited by the depositer that are not paid because the drawer did not have sufficient fund
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Outstanding checks
Checks issued that have not been presented to the bank for payment before the statement is prepared
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Payee
the person being paid the cash
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Payroll register
is a form used to assemble the data required at the end of each payroll period
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petty cash fund
- definition: to pay for small items with cash.
- Entry to establish:
- Petty cash as an asset as well as in Cash
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petty cash payments record
is a special multi-column record that supplements the regular accounting records
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Petty cash voucher
receipt should be prepared for every payment from the fund.
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Salary
compensation for managerial or administrative services usually
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Wages
compensation for skilled or unskilled labor usually is referred to
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Wages expense
an account that is debited for the total amount of the gross earnings of all employees for each any period
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Worker's Compensation Insurance
provides insurance for employees who suffer a job-related illness or injury
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FICA Abreviation stands for?
Federal Insurance Contributions Act-requrires employers to withhold FICA taxes from employees' earnings.
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Rates & Maximums for Social Security, Medicare, FUTA and SUTA
- Rates/Maximums
- SSI:6.2% / $94,200
- Medicare: 1.45% / No maximum 0
- FUTA: 0.8% / $7,000 +
- SUTA: 5.4% / $7,000
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What is considered cash in accounting?
checks, money orders & bank cashier's checks received from customers
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