Barbara Cook

Nacha rules

Nacha Operating Rules define roles for financial institutions that are Nacha Direct Members and guidance for third-party ACH network participants for electronic bank transfer transactions through the Automated Clearing House network, governed by the Nacha organization. Besides Nacha, payment association Direct Members of Nacha contribute to creating Nacha Operating Rules.

1099 Rules

The 1099 rules for types of items to report for 2021 on Form 1099-MISC and 1099-NEC per IRS Instructions generally apply to income payments of at least $600 and backup withholding of federal and state income taxes.

2/10 net 30

2/10 net 30 are payment terms where the payee will receive a 2 percent discount on the balance owed if payment is made within ten days; otherwise, the full invoice balance is due in 30 days.

PayPal Fees

PayPal charges a wide range of processing fees for consumers and merchants for online payments and receiving money. A summary of PayPal fees by type for the United States (U.S.) market region is presented in this article. PayPal fees include per transaction rates and fixed fees.

Accrued Revenue

Accrued revenue is an asset account that could be accounts receivable to record revenue that’s earned before cash is received, under the generally accepted accounting principles (GAAP) accrual basis of accounting. GAAP accounting standards, including ASC 606 for revenue recognition in corporate finance, are based on the revenue recognition principle that defines when revenue is earned.

Fractional CFO

Your business can find a fractional CFO for hire through several sources. Is your business planning to hire a part-time CFO employee through the payroll or find an independent contractor or freelancer for hire via a contract?

ABA Number

An ABA number is the three sets of numbers on the bottom of paper checks, from left to right, that identify (1) the financial institution via a nine-digit routing number from the American Bankers Association, (2) bank account number, and (3) check number. The fractional routing number on the top of the check is a backup ABA number.

Wire Transfer Fees

Wire transfer fees are the cost of the payer sending and the payee successfully receiving a wire transfer. The costs of receiving a wire transfer may include primary and intermediary bank fees, costs of investigating a wire transfer not received, a reversal fee for sending a wire transfer to the wrong account, foreign currency conversion fees, and miscellaneous fees.

Account Reconciliation

Account reconciliation is the process of comparing general ledger accounts for the balance sheet with supporting documents like bank statements, sub-ledgers, and other underlying transaction details. If the ending balances don’t match, accountants investigate the cause of the discrepancies and make adjusting entries required to resolve differences from errors or missing transactions.

Purchase Order vs Invoice

Purchase orders from the buyer’s procurement department and invoices from the vendor’s billing department have similarities and differences. know the basics of what they are and the difference between a purchase order and an invoice.

SAP Modules

SAP functional modules are used to process transactions and reports in a business area of the company. Here is the list of the main SAP ERP functional modules that are in demand from users

Source to pay

Source to pay (S2P) is a business process that obtains services or raw materials from suppliers using strategic sourcing and concludes with the payment for those goods and services via the accounts payable office. Procure to pay (P2P) is a similar process that doesn’t use strategic sourcing.

eSourcing

eSourcing is a series of automated pre-procurement processes using an Internet-based software system to identify, evaluate, compare, and select vendors for purchases. eSourcing handles the collection and storage of quotations, proposals, bids, order negotiation, contract management, and online collaboration through a portal. eSourcing software performs spend management and analysis.

Cost Control

Cost control has importance because it lets businesses reduce costs and expenses during the year through analysis and monitoring variances at each budget control level. Managers are accountable for results. Companies that control costs well through optimization practices and cost control tools have a competitive advantage.

Audit Trail

This article defines an audit trail. We describe the purpose and importance of audit trail and provide audit trail examples. The primary focus is on the beneficial use of real-time software audit logs in financial and business applications.

Cash Flow

Your first step to ensuring healthy business growth is understanding cash flow, the difference between cash flow and profit, and the purpose each serves. You’ll manage day-to-day operational processes. Small business owners will realize proper cash flow management is essential.

Cash Flow Statement

A cash flow statement is a financial statement required by US GAAP (generally accepted accounting principles). It shows beginning and ending cash balance, cash flows from operating activities, investing activities, and financing activities, plus some non-cash disclosures on the face of the statement. A cash flow statement may be prepared using the direct or indirect method.

Expense Management

Expense management is a system of business processes ranging from establishing company policies, having employees submit electronic receipts, issuing corporate credit cards to employees for routine purchases, generating exceptions reports, routing expense payment requests to approvers, controlling expenditures, and making payments to reimburse employees for approved expenses.

Working Capital Management

Working capital management is managing the cash conversion cycle (CCC) from inventory purchases to the collection of accounts receivable to paying vendors’ accounts payable balances, employee payroll, other accrued liabilities, and short-term debt obligations on a timely basis with adequate financial resources for liquidity.

SEPA Payments

Table of Contents Overview of Single Euro Payments Area (SEPA) What is SEPA Payment Method? SEPA Payment Processing Schemes Benefits of SEPA Payments What Countries Can Use SEPA How Do You Set Up SEPA Payments? FAQs Electronic SEPA payments are used in SEPA participating countries across Europe to make cashless payments in euro at the

QuickBooks ACH

The QuickBooks ACH payment processing solution comprehensively addresses the needs of both big and small businesses. Here is how:

Accounts Payable Workflow QuickBooks

Accounts payable QuickBooks workflow can be explained either for Intuit QuickBooks Online or QuickBooks Desktop accounting software. To leverage AP automation, we explain how to use accounts payable in QuickBooks Online and make vendor payments.

W9 vs 1099

Businesses use W-9 forms submitted by some U.S. suppliers and independent contractors to complete IRS forms 1099-NEC and 1099-MISC. W-9 forms are also required for other transactions besides reporting self-employed contractor income on 1099-NEC or 1099-MISC.

1099 NEC Instructions

Form 1099-NEC is a new form issued by the IRS beginning with the tax year 2020. In a prior year, non-employee compensation was reported on Form 1099-MISC. IRS Form 1099-MISC was redesigned to remove non-employee compensation but is still used to report other Miscellaneous Information, certain miscellaneous income payments, and any backup withholding of federal income tax.