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Essentials for an Accountant: AP, AR and GL process
Essentials for an Accountant: AP, AR and GL process

Essentials for an Accountant: AP, AR and GL process explained. Useful for those working in BPO/KPO and manufacturing sector

Product ID : 23995057


Galleon Product ID 23995057
UPC / ISBN 1521087059
Shipping Weight 0.24 lbs
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Binding: Paperback
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Model
Manufacturer
Shipping Dimension 9.02 x 5.98 x 0.08 inches
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Author Abhijit Pimplapure
Number Of Pages 38
Publication Date 2017-04-18
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562

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About Essentials For An Accountant: AP, AR And GL Process

This book is about the fundamentals of Accounts payable, Accounts receivables, Fixed assets, and Reconciliation. Some other useful topics are also being added to provide the readers a fundamental understanding on the subject. The reader of this book will find the concepts discussed, useful and he/she would be able to apply those in his/her workplace. Accounts Receivable Process : AR is the amount receivable by the company from its customers. AR also known as Sundry debtors is the amount due to the company from its customers for the goods and services provided on credit. Once an invoice is raised by the company on its customer the amount is treated as AR which is a legally enforceable amount. AR forms a part of ‘Current Asset’ in the balance sheet. The other items of ‘Current Asset’ are the ‘Stock’ and ‘Cash/Bank balance’. AR is also known as O2C (Order to Cash). AR won’t exist in the case of a business, where all items are sold for cash. Accounts payable : Accounts payable is the amount due by the company to the vendor for availing the services or for purchase of goods. It is the money owed by the company to its suppliers and the creditors. Accounts payable form a part of ‘Current Liabilities’ in the balance sheet. Current Liabilities are those obligations that must be paid within a year. Other items of Current liabilities are ‘taxes’, ‘salaries’. AP process is also known as P2P (Procure to Pay). General ledger reconciliation: General ledger reconciliation consist of agreeing the ledger balances with other independent systems, statements and reports to verify that the balances mentioned are correct and accurate. GL reconciliations are key to maintaining the integrity of companies books. In the General ledger is recorded summarized information, which is received from day-to-day journals. At the end of financial year the General ledger provides a final balance of each account, which summarizes all monthly postings of journals. Common terms used in Fixed Assets Acquisi