November 05, 2020
Charles Lutwidge
The Accounting Industry and the Pandemic
To learn about how COVID-19 is impacting the accounting industry, we sent a survey to a small group of accountants across the US. The results from this survey indicate that the accounting industry is much less hard-hit than many other...
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November 03, 2020
Charles Lutwidge
An Introduction to Credit Risk
The operation of enterprises in a changing market environment is certainly accompanied by risks associated with uncertainty of circumstances, as well as the possible occurrence or non-occurrence of certain events. Today, we will talk about credit risk. Modern banks offer...
November 03, 2020
Charles Lutwidge
Direct Write-Off Method
In the practice of enterprises, there are often cases when goods and services are not directly sold for cash or prepayment. Instead, the company sends an invoice along with the goods or after selling the product or providing a service....
November 03, 2020
Charles Lutwidge
Allowance for Doubtful Accounts
Regardless of how perfect and effective the solvency control system is, the company will find buyers who have not paid in time for goods and services sold on credit. Invoices that are not paid by the buyers within the due...
November 03, 2020
Charles Lutwidge
Aging of Accounts Receivable – Definition and Examples
In the process of financial and economic activities, the enterprise has a need to settle accounts with its counterparties. When shipping products, performing work, or providing services, an enterprise, as a rule, does not receive money in payment immediately (sale...
November 03, 2020
Charles Lutwidge
How to Record Credit Sales
Today, retail and wholesale trade actively uses various schemes to attract customers: providing various types of discounts, selling goods on credit, etc. Many sellers offer customers to purchase goods on credit. The buyer pays only a fraction of the cost...
November 02, 2020
Charles Lutwidge
Bad Debts Expense – Explanation and Accounting
Definition In modern times, many goods and services are sold to customers on a credit basis. This means that goods or services are provided to the customer now and then paid by the buyer at a future date. The customer...
November 02, 2020
Charles Lutwidge
Preparing a Bank Reconciliation
Any business activity requires control over expenses, income received, and net profit. It is impossible to plan further work of the enterprise without controlling processes. For constant control, there is a special system called accounting. Accounting in an enterprise is...
