User talk:Manjula54152

Procure to Pay: AP Process Overview: Indexing the invoices received from the client and uploading it into software application for processing and sending invoices into client approval and print the cheque. Roles and Responsibilities •	Allotment of Received invoices to Team for indexing and processing •	Monitoring the status of process •	Review the invoices after indexing and processing •	Creation of vendor management and New vendor creation •	Creation of exception report •	Preparation of MIS reports and sending reports to management. •	Weekly interactions between client regarding process updates and issues.

Order to Cash: AR Roles and Responsibilities •	Review of service details and allotment of work •	Preparation of Invoice or Bill and monitoring the work status in team •	Review of invoice or bill •	Posting bills along with all the necessary details. •	Collection entries •	Discount and deduction database creation and review •	Bad debts creation and review •	Preparation and sending of MIS report to management.

GL Process: Record to report: Roles and Responsibilities (6 months) •	Import journals: Import all journals to OGL form AP, AR, Payroll, assets and inventories etc. •	Review and Approval of Journals: review of imported journals •	Post journals like updating database •	Daily balances, Weekly balance and monthly balance of reconciliation. And every month 5th will be the GL closing. •	Run report in OGL (People soft) •	Sending MIS report to management

AP meaning: it is short team debts to its creditors. Currents liabilitiy- gas bill, Phone bill, cable service first then payment

Note: Received in on base, index in on base, Upload into dash board and process in to GP application Processing:  Name of Vendor, Invoice Number, Amount, Date, SSN, Sign, Review and sending to client for final approval. Exception report, name not Matching, Amount not matching, page blur, SSn not matching New vendor creation,: if vendor is new, we request his W2 or W9 form from vendor, SSN proof,  for creation his data base in our client records. MIS : Leave, Work status like Preparation, indexing and Review status, Completed status. Exception report, and reasons, daily status, weekly status, monthly status report of work.

OGL receives journal entries from several sources, like, Accounts payable accounts receivables, inventories, payroll, - review of entries in institutional reporting and analysis. Reports day after they are posted. GL is a systematic accounting transaction. An account is unique record for each type of asset, liabilities, expenses, revenues and equities. Bunch of all ledger accounts is called COA AR: Billing after giving goods and services to the customer

Accrual, deferral, prepaid and o/s, bank reconciliation, bad debts, inventories, wrong entries, depreciation, purchase, sales, purchase return, sales return, balance sheet, trading and profit and loss account. Accrued Revenue: Revenue is recognized before cash is received. b. Accrued Expense: Expense is recognized before cash is paid. c. Deferred Revenue: Revenue is recognized after cash is received. d. Deferred Expense: Expense is recognized after cash is paid. Accrued Income that is earned in a fund or by company by providing a service or selling a product, but has yet to be received. ABC LTD receives interest of $10,000 on bank deposit for the month of December 2010 on 3rd January 2011. ABC LTD has an accounting year end of 31st December 2010.

ABC LTD will recognize interest income of $10,000 in the financial statements of year 2010 even though it was received in the next accounting period as it relates to the current period. Following accounting entry will need to be recorded to account for the interest income accrued: Debit 		Interest Income Receivable 10,000 Credit 		Interest on Bank Deposit (Income) 10,000 On the date of receipt of interest (i.e. 3rd January of the next year) following accounting entry will need to be recorded in the subsequent year: Debit 	Bank 10,000 Credit 	Interest Income Receivable  10,000 An accrued expense recognized in the books before it is paid for. It is a liability, and is usually current. These expenses are typically periodic and documented on a company's balance sheet due to the high probability that they will be collected. ABC LTD pays loan interest for the month of December 2010 of $10,000 on 3rd January 2011. ABC LTD has an accounting year end of 31st December 2010. ABC LTD will recognize interest expense of $10,000 in the financial statements of year 2010 even though it was paid in the next accounting period as it relates to the current period. Following accounting entry will need to be recorded to account for the interest expense accrued: Debit 		Interest Expense 10,000 Credit 		Interest Payable 10,000 On the date of payment of interest (i.e. 3rd January of the next year) following accounting entry will need to be recorded in the subsequent year: Debit 	Interest Payable 10,000 Credit 	Cash 10,000

Deferred revenue is not yet revenue. It is an amount that was received by a company in advance of earning it. The amount unearned (and therefore deferred) as of the date of the financial statements should be reported as a liability. The title of the liability account might be Unearned Revenues or Deferred Revenues.

Example: On May 1, 2010, Company A had a new lease contract with a tenant and received $6,000 for two month rent. May 1, 2010- Cash is received. May 31 and June 30 2010- Revenue is recognized at the end of May and June. Revenue is recognized when Company A provides service. In this example, service is provided when time passes. [Journal entry on May 1, 2010] Cash 3,000 dr Unearned rent revenue  3,000 cr Unearned rent revenue is a liability account. Credit side of unearned rent revenue (a liability account) represents an increase. "Unearned revenue" accounts represent the amount of cash received before services are provided. Since services have not been provided yet, it is not revenue. "Unearned revenue" accounts are liabilities of the company, because they should be paid back to the other party if service is not provided in the future. [Journal entry on May 31, 2010] Unearned rent revenue 3,000 dr  Rent revenue  3,000 cr Debit side of unearned rent revenue (a liability account) represents a decrease. Credit side of rent revenue (a revenue account) represents an increase. [Journal entry on June 30, 2010]

Unearned rent revenue 3,000 dr   Rent revenue  3,000 cr Debit side of unearned rent revenue (a liability account) represents a decrease. Credit side of rent revenue (a revenue account) represents an increase.

An Example of Deferred Expense Example: Company A purchased an insurance for a period from May 1, 2010 to July 31, 2010 and paid $6,000 cash for three month insurance premium. May 1, 2010 - Cash is paid. May 31, June 30, July 31, 2010 - Expense is recognized at the end of May, June and July.[Journal entry on May 1, 2010] Prepaid insurance 6,000 dr Cash  6,000 cr Prepaid insurance is an asset account. Debit side of prepaid insurance (an asset account) represents an increase. [Journal entry on May 31, 2010] Insurance expense 2,000 dr Prepaid insurance 2,000 cr Credit side of prepaid insurance (an asset account) represents a decrease. [Journal entry on June 30, 2010] Insurance expense 2,000 dr Prepaid insurance  2,000 cr Credit side of prepaid insurance (an asset account) represents a decrease. [Journal entry on July 31, 2010] Insurance expense 2,000 debit Prepaid insurance 2,000 credit Credit side of prepaid insurance (an asset account) represents a decrease.

Income from employment income, rent, business 101-149-150 Rent-t776, busnisee –t2125, T4, Trsu-t3, investment-t5, Old age security OAS Dividend –s4

•	1.Individual tax return preparation based on employment income, rental, trust income, investment income, OAS income, Dividend income •	Deductions on income like, union dues, professional fees, UCCB, child care expenses, fitness and art, nanny expenses., Carrying charges- accounting fees, management fees, legal fees, CPP contributions, Repayment of loans, repayment of OAS (205-235-236) •	Home relocation loan deduction, stock or share deductions, partnership loss deduction limited company, non and net capital losses, capital gain dedution Income-Deduction- net income- other deductions-taxable income- slab-nonrefundable tax credits, balance owning g or refund

Nonrefundable tax credits((15 % only) excluding medical and donations: Basic amount-11038, age amount -1948 6854, CPP contribution, firefighter, Canada employment amount, public transit passes, fitness, art, home buyers , adoption, pension income, caregiver, disability, tuition, medical and donation. 1.	Uploading Tax documents or source documents to TTT. 2.	Indexing the documents, based on indexing codes 3.	Tax payer profile creation -SIN, Spouse details, dependent deatails, date of birth, phone number, marital status, Address, Spouse income, postal code etc. 4.	Preparation of Return using Profile application 5.	Entering data’s as per source documents to Profile, All incomes, Deductions, nonrefundable tax credits. 6.	Working on various schedules , T Slips 7.	Verification and updating of Medical , Tuition and Donations documents, 8.	Entering childcare expenses, children art expenses, child fitness expenses 9.	Entering Property tax details, rent paid details 10.	Global note 11.	Audit checking, Warnings 12.	Sending completed return to client

Donation –S9, Medical 3% of income 236 or 2156 max Federal tax-s1 S2- transfer to spouse or commo law partner S3 capital gains or loss S4 Investment income S5 basic amount 11038— S11 tution part time : $120 and 20 full time $400 and 65 ( Fees 500 +8 months full time (8*400+8*65)=4220 Home buyers plan: withdraw from RRSP $25000. Repayment of withdrawal amount within 15 years. if not repaid it will be considered as income

CPP benefit- Income Deduction of CPP contribution for Self-employment 50% income, total payabale last amount (full amount) Uccb 100 per month financial support to there child Donation –s9- 1500 paid, 200 is 15%+ 1300 is 29% (1500 or 75% 236 line which ever is less)