This article will cover the basic invoice record-keeping process in a financial year. Below topics will be described- Definition of AP End to end Accounts Payable Process AP Journal entries record keeping the example How to record bill How to pay a bill Accounts Payable Aging Dispute Management Methods of…

Background: Due to Enron Corporation, WorldCom, and Tyco International’s fraud activities and accounting scandals in the early 2000s.The bill was introduced. SOX compliance testing is the procedure by which a company’s management judges internal controls over financial reporting. This control testing is mandated by The Sarbanes-Oxley Act of 2002 (SOX)…

Prepaid expenses are expenses paid for in advance. You accrue a prepaid expense when you pay for something(example: Insurance) that you will receive in the near future. Any time you pay for something before using it, you must recognize it through prepaid expenses accounting. So A prepaid expense is a…

Financial accounting is the process of record-keeping, summarizing, and reporting of business transactions resulting in the business operations over a period of time. Financial statements that companies use to show their financial performance and position to people outside the company, including investors, creditors, suppliers, and customers. The process of financial…