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Understanding the Accounting cycle

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Running a business is a lot of work. So much has to be done to ensure customer satisfaction, which will facilitate the growth of your business. On the other hand, you also want to stay on top of your accounting. The last thing you need is minor errors that can cost your business a lot. I suggest working with Dean Roupas to eliminate any likelihood of accounting errors. They have been in business for over 20 years, and they can handle any business, despite the size.

This article will help you get a clear grasp of the holistic accounting cycle, from the time a transaction occurs to when it is represented in the financial statements. Your accountant or bookkeeper keeps track of the process, but it is something everyone, especially a business owner, should know.

What is an accounting cycle?

The accounting cycle is an eight-step method for performing bookkeeping activities in a business. It gives a step-by-step procedure for documenting, analyzing, and reporting a company’s financial activity.

Through this 8-step process, accountants will use the accounting cycle as a checklist to run through a set of well-planned procedures to determine which step to perform next to complete the cycle. When completed correctly, the accounting cycle ultimately delivers an accurate set of financial statements.

Eight steps of the accounting cycle

  1. Transactions

The process begins with financial transactions. There would be nothing to keep track of if there were no financial transactions. A debt payoff, any asset purchases or acquisitions, sales revenue, or any expenses incurred are all examples of transactions. Identifying transactions is the first stage in the accounting cycle. Throughout the accounting cycle, businesses will engage in several transactions. You must correctly record each one in the company’s accounting records.

All forms of transactions require the use of recordkeeping. To record sales transactions, many businesses will employ point-of-sale equipment linked to their accounting software. Aside from sales, there are a variety of expenses to consider as well.

  1. Journal entries

The transaction is recorded in the relevant journal, with the transaction’s chronological order preserved. The journal, often called the “book of first entry,” is where a transaction is first recorded. This can happen at the point of sale/transaction, or it can be a step on its own. While POS technology can assist in combining steps one and two, businesses must also keep track of their spending. When transactions are officially recorded, the option between accrual and cash accounting will be made. Keep in mind that accrual accounting requires revenue and expense matching. Thus both must be recorded at the moment of sale.

Journal entries should be in chronological order. When cash is received or paid, cash accounting requires transactions to be recorded. In order to manage a well-developed balance sheet, income statement, and cash flow statement, double-entry bookkeeping requires recording two entries for each transaction.  When debiting and crediting one or more accounts, the debits and credits must always balance.

  1. Posting to the ledger

Once a transaction has been recorded as a journal entry, it should be posted to a general ledger account. All accounting actions are broken down by account in the general ledger. This helps a bookkeeper to keep track of account financial situations and statuses. The cash account, which shows how much money is accessible, is one of the most regularly referenced accounts in the general ledger.

Consider the general ledger to be a summary page where all transactions are recorded and sorted. The general ledger is a master list of all transaction data from journals and sub-ledgers.

  1. Trial balance

The fourth step is to create a trial balance for the accounting period. Depending on the business, this can be quarterly, monthly, or yearly. A trial balance reveals the company’s unadjusted account balances. After that, the unadjusted trial balance is taken to the fifth phase for testing and analysis.

  1. Worksheet

In some cases, the trial balance does not balance and fixing that brings us to the fifth phase in the cycle, which is to analyze a worksheet and find modifying entries. To guarantee that debits and credits are equal and balanced, a worksheet is prepared and used. Adjustments will need to be made if there are any inconsistencies.

Adjustments are also made to account for asset depreciation and one-time payments (such as insurance) that should be allocated on a monthly basis to match monthly expenses with monthly income more accurately. You make another trial balance once you’ve made and recorded the adjustments to ensure that the accounts are in balance.

When using accrual accounting, adjusting entries may be required for revenue and expense matching in addition to identifying any problems.

  1. Adjusting journal entries

Once your trial balance demonstrates that the accounts will be balanced once the necessary adjustments are made, you post any corrections required to the impacted accounts.

Making any modifications necessary to account for any accrual or deferral corrections is the final step before creating your financial statements. A salary or bill that is paid later in the accounting period is an example of an adjustment. It requires an adjustment to remove the charge because it was recorded as an account payable when the cost happened. Adjusting entries aren’t required until the trial balance process is complete and all necessary corrections and adjustments have been discovered.

  1. Financial Statements

In the seventh phase, the corporation generates its financial statements after making all adjusting inputs. An income statement, a balance sheet, and a cash flow statement will be included in most companies’ financial statements.

  1. Closing the books

Finally, in the eighth phase, a corporation completes the accounting cycle by closing its books at the end of the day on the stated closing date. The closing statements provide a report that can be used to analyze performance over time.

After the accounting cycle closes, a new reporting period begins, and the accounting cycle starts all over again. It’s usually a good idea to file paperwork at the end of the day, plan for the following reporting period, and go over a calendar of upcoming activities and duties. Get in touch with Dean Roupas and Associates. They will help you stay on top of your accounting game!

BUSINESS

The Best Online Head Shop in UK.

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online head shop

Headshop is a retail outlet specializing in tobacco paraphernalia used for the consumption of tobacco, legal highs, legal party powders, and New Age herbs.

It’s just a herb is the best online head shop in the UK selling only the best smoking accessories. Their online smoke shop was designed to be easy to use and showcase only the finest bongs & pipes, rolling papers, herb grinders, dab rigs, disposable vapes, CBD products, smoking accessories, and more that are intended for tobacco, medical use, aromatherapy blends, and legal concentrates.

When it comes to Headshop products. It’s just a herb that comes with hundreds of products available across several major categories, you’re sure to find what you’re looking for at a reasonable price. All items in their Headshop include a detailed description, basic product information, and high-resolution images, so you know exactly what you’re buying.

After All, What Are The Products Sold In A Head Shop?

SILKS

Are you going to roll a beck? So silk can’t be missed, after all, the paper you choose to smoke weed directly affects your lungs — and also the taste and the way the weed burns. For this reason, it is essential to choose quality silk, with a thin thickness that is as natural as possible, without the addition of chemicals.

Silks are sold in different sizes, and it is possible to find leaves produced from rice extract, cellulose, and hemp, for example.

DICHAVADORES

No matter what you call them: crushers, chippers, or dichavadores are essential for cannabis lovers. They are essential accessories to avoid the waste of the substance, in addition to considerably facilitating the sacred ritual of making a beck.

Plastic shredders are the most used, but it is common to find these products in metal, stone, wood, etc. There are even electric dichavadores, you know?

CIGARETTE HOLDERS

Cigarette holders are legal because they reduce the harm from consuming the herb. The accessory slightly cools the smoke that is drawn from the tip of the beck to your mouth, as well as preventing you from burning your lips with the tip. But those are not the only advantages. Here are some other cool ones:

  • Guarantee of firmer bases: the structure of the beck is more solid, preventing it from falling apart during puffs and at the time of beating the ashes;
  • forget the frilly ends: no one likes to smoke a joint with a super wet end. Thanks to the cigarette holder, this is resolved;
  • Improved airflow: the cylindrical shape of the product ensures much better airflow. With this, blockages at the time of the drag are eliminated.

PIPES

If you don’t like to make a beck, you will like the pipe. Pipes resemble pipes and are made of glass, metal, wood or silicone. They are practical, easy to carry and, to use, all you need to do is grind the grass, light it up and enjoy the breeze. Most of them provide more robust and strong drags, which guarantees a much more intense trip.

BONGS

This is an accessory that divides opinions: there are people who simply love bongs. On the other hand, there are people who believe they are expendable and still prefer the good old joint. Anyway, bongs are decorative, collectors and cannabis utility items. In addition, they also reduce the harm of marijuana consumption.

The accessory, normally made of acrylic, glass, or silicone, works as a kind of purifier, making the smoke pass through the water and, thus, easing its contact with the respiratory system.

Bongs Are Very Versatile

They can be used to smoke tobacco, herbs, tea, or any type of tobacco. In addition, with an alternative model called the Oil Bong, it is even possible to vaporize oils to inhale the smoke, a procedure known as dab (some common models can also be adapted for this function).

What Makes A Head Shop Different?

In a Head Shop, you will find products commonly sold in tobacconists, but the great advantage of these spaces is the sale of national and imported accessories exclusively for weed consumers. Imagine, then, entering an establishment that has unique products for you to consume cannabis in different ways.

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BUSINESS

Who said you have to wait 7 years to have good credit again?

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Most people take on debt to improve their standard of living or solve urgent problems. Many take out bank loans or have credit cards. However, there are debt payments that are difficult to cancel. Sometimes we can be late in the installments or request a refinancing.

These actions can cause errors in our credit reports and, necessarily, we will need a credit repair.

What can credit repair services do?

Legitimate credit repair services check your credit reports for information that shouldn’t be there and dispute it on your behalf. Many of them also check that the information does not appear again.

When information on your credit reports is disputed, the credit bureaus have 30 days to investigate. However, they do not have to investigate disputes they deem “frivolous.”

Among the errors that can be addressed:

  • Accounts that do not belong to you.
  • Bankruptcy or other legal actions that are not yours.
  • Misspellings, which can mix up negative entries belonging to someone with a similar name, or can mean that positive entries don’t appear when they should.
  • Negative marks that are too old to include.
  • Debts that cannot be validated and verified.

How long does it take?

The time may vary depending on how quickly the credit bureau or provider responds to your disputes.

They have 30 days to respond to a dispute; in some cases it may take 45 if they request tracking information. If you have multiple disputes to file, handle them a few at a time. As a result, the process can take between 3 and 6 months.

Where to get legitimate help

Just because you have a poor credit report doesn’t mean you can’t get credit. Credit companies set their own standards, and not all of them look at your credit history the same way. Some creditors may assess your case by focusing only on the last few years, and if you have improved your level of bill payment compliance, they may grant you credit. It is worth communicating informally with credit grantors to discuss the criteria and standards they apply to extend credit.

If you are not disciplined enough to create and stick to a budget or try to work out a repayment plan with your creditors, or if you are unable to control your growing stack of bills, you may consider contacting a counseling organization. Credit. There are several non-profit credit counseling organizations like Genesis consulting experts that will work with you to resolve your financial problems.

Genesis consulting experts can advise you on managing your money and debt, help you budget, and provide educational materials and workshops on this topic. Our Counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors will talk with you about your whole financial situation and can help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts about an hour, and additional follow-up sessions are available if you wish.

Phyllis Hughes knows first-hand how to fix your credit because she fixed hers and this is a no judgment company. She went from 500s to 700s in 6 months with persistence, patience and a positive mindset. For more information, they can be contacted at www.genesisconsultingexperts.com or 1(855)749-5547.

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BUSINESS

How to Cope With High Blood Pressure

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High blood pressure is one of those silent killers that can creep up on a person unexpectedly. According to the Centers for Disease Control and Prevention, almost half of the adults in the states have high blood pressure, and only a quarter of these people have it under control. Seeing as high blood pressure can lead to stroke or heart disease, two leading causes of death in the United States, you should take this condition seriously. Here are a few top tips to help you cope with high blood pressure.

Know Your Numbers

Acknowledging your condition and being aware of what the numbers mean is the first step to coping with high blood pressure. For most healthy adults, normal blood pressure is a systolic pressure of less than 120 and a diastolic pressure of less than 80. Elevated blood pressure is 120/80 mmHg or above, stage 1 hypertension is 120/80 mmHg and over, while stage 2 hypertension is anything above 140/90 mmHg. Once a person reaches stage 2, they risk getting coronary heart disease, which can result in stroke or a heart attack.

Monitor Your Blood Pressure Regularly

Those diagnosed with high blood pressure should take their condition seriously and monitor it regularly. Keeping track of your results can help you identify factors that are causing your number to go up. Those managing high blood pressure with a smart blood pressure monitoring device can keep an eye on their numbers via a smartphone. These devices allow you to identify patterns, and they will alert you to any changes in your blood pressure.

Skip the Salt

Everyone knows that a well-balanced diet can help keep illnesses and conditions at bay, but did you know that avoiding salt in your food can help lower blood pressure levels significantly? A high salt diet causes fluid retention, which increases the pressure on your blood vessel walls. In turn, it will raise your blood pressure. The American Heart Association states that most adults should not consume more than 2,300 mg of salt per day, while the ideal consumption should be no more than 1,500 mg daily. Simply leaving out the salt in your meals can help you maintain or decrease your levels.

Don’t Smoke

Those with high blood pressure who also smoke should stop smoking as soon as possible. This bad habit raises blood pressure as it damages blood vessel walls and makes it more likely for your blood to clot. In turn, your heart must work harder to function properly.

Achieve Quality Sleep

A restful night’s sleep can do wonders for your overall health and well-being, and achieving quality sleep every night helps your body function properly. This includes your heart and your blood vessels too. A lack of sleep has been directly linked to a higher risk of stroke and heart disease.

Listen to Your Healthcare Provider

Although it is important to take control of your condition and do what’s necessary to try and lower your blood pressure, you should also listen to the advice of your healthcare provider. High blood pressure that doesn’t go down even after lifestyle changes are made might need to be addressed with prescription medication. Many people are resistant to the idea of taking prescription drugs regularly, but following the guidance of your healthcare provider can stop your blood pressure from getting worse.

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