Does anyone have any good methods of closing the books? REID is anacronym for closing the books; give your thoughts on t?

REID is anacronym for closing the books; give your thoughts on t Asked by newuser9866741 44 months ago Similar questions: methods closing books REID anacronym give thoughts Business > Accounting.

Similar questions: methods closing books REID anacronym give thoughts.

The accounting process is a series of activities that begins with a transaction The accounting process is a series of activities that begins with a transaction and ends with the closing of the books. Because this process is repeated each reporting period, it is referred to as the accounting cycle and includes these major steps:1. Identify the transaction or other recognizable event.2.

Prepare the transaction's source document such as a purchase order or invoice.3. Analyze and classify the transaction. This step involves quantifying the transaction in monetary terms (e.g. Dollars and cents), identifying the accounts that are affected and whether those accounts are to be debited or credited.4.

Record the transaction by making entries in the appropriate journal, such as the sales journal, purchase journal, cash receipt or disbursement journal, or thegeneral journal. Such entries are made in chronological order.5. Post general journal entries to the ledger accounts.

The above steps are performed throughout the accounting period as transactions occur or in periodic batch processes. The following steps are performed at the end of the accounting period:6. Prepare the trial balance to make sure that debits equal credits.

The trial balance is a listing of all of the ledger accounts, with debits in the left column and credits in the right column. At this point no adjusting entries have been made. The actual sum of each column is not meaningful; what is important is that the sums be equal.

Note that while out-of-balance columns indicate a recording error, balanced columns do not guarantee that there are no errors. For example, not recording a transaction or recording it in the wrong account would not cause an imbalance.7. Correct any discrepancies in the trial balance.

If the columns are not in balance, look for math errors, posting errors, and recording errors. Posting errors include:* posting of the wrong amount,* omitting a posting,* posting in the wrong column, or* posting more than once.8. Prepare adjusting entries to record accrued, deferred, and estimated amounts.9.

Post adjusting entries to the ledger accounts.10. Prepare the adjusted trial balance. This step is similar to the preparation of the unadjusted trial balance, but this time the adjusting entries are included.

Correct any errors that may be found.11. Prepare the financial statements. * Income statement: prepared from the revenue, expenses, gains, and losses.

* Balance sheet: prepared from the assets, liabilities, and equity accounts. * Statement of retained earnings: prepared from net income and dividend information. * Cash flow statement: derived from the other financial statements using either the direct or indirect method.12.

Prepare closing journal entries that close temporary accounts such as revenues, expenses, gains, and losses. These accounts are closed to a temporary income summary account, from which the balance is transferred to the retained earnings account (capital). Any dividend or withdrawal accounts also are closed to capital.13.

Post closing entries to the ledger accounts.14. Prepare the after-closing trial balance to make sure that debits equal credits.At this point, only the permanent accounts appear since the temporary ones have been closed. Correct any errors.15.

Prepare reversing journal entries (optional). Reversing journal entries often are used when there has been an accrual or deferral that was recorded as an adjusting entry on the last day of the accounting period. By reversing the adjusting entry, one avoids double counting the amount when the transaction occurs in the next period.

A reversing journal entry is recorded on the first day of the new period. Instead of preparing the financial statements before the closing journal entries, it is possible to prepare them afterwards, using a temporary income summary account to collect the balances of the temporary ledger accounts (revenues, expenses, gains, losses, etc. ) when they are closed. The temporary income summary account then would be closed when preparing the financial statements.

Sources: http://www.netmba.com/accounting/fin/process/ .

Good methods of closing the books.... Your Trusted Selling Brand is new, so I thought I'd use my first post to explain who I hope will benefit from reading this blog. Your Trusted Selling Brand Blog is targeted to a relatively narrow niche:1) Salespeople, service professionals, consultants and business owners who sell services or more complex products. And2) Individuals who want to be successful by selling with professionalism, honesty and integrity.

Item #2 is the main factor that makes this blog more of a niche. Your Trusted Selling Brand blog will most likely not appeal to you if you are a "traditional" seller who believes things like:1) Buyers lie, so it's okay for me to lie when selling.2) "Manipulating" is not a negative word and it's fine to manipulate prospects.3) I'll do whatever it takes to win the business.4) Selling is about overcoming objections and closing.5) Selling is purely a numbers game. If the above examples fit your selling "style," you will not find this blog appealing.

For those of you who use a "non-traditional" or "consultative" or "non-manipulative" or "relationship-based" or just believe in a straightforward selling style, I'd like to help you find even more success in selling. One of my favorite quotes from Neil Rackham who studied over 35,000 sales calls: "Many years ago, at the start of our research, I would have told you that sales success lay in the broader areas. I would have chosen global factors like personality, attitudes, interpersonal chemistry, or overall account strategy to explain why one person sold better than another.

I don't believe this anymore. Increasingly our research has shown that success in selling is constructed from those important little building blocks called behaviors. More than anything else, it's the hundreds of minute behavioral details in a call that will decide whether it succeeds."My main focus with this blog will be sharing ideas from myself and others on the small things you should do or not do, during the sales process to increase the level of trust with your prospects.

Why is thig Blog Called "Your Trusted Selling Brand? "To help explain the focus of this blog, I've cut and pasted the following blurb from the intro to a new whitepaper I've just completed. Essentially, it explains my personal philosphy that in most selling situations, the seller who is able to build the greatest level of trust with the prospect will win the sale.

From "The Importance of Your Trusted Selling Brand:"In today's competitive and cynical environment, it has become extremely difficult for companies and professionals to create clear separation points for their company, product or service brands. It takes a lot of marketing effort to build a brand that is perceived as different enough to make it onto the prospect’s short list of potential providers. Once your product or service is on the prospect’s short list, though, the brand that has the greatest impact in differentiating your solution is not the brand of your company, product or service.

Instead, it is the personal brand of the individual selling your product or service that will significantly impact, if not replace, any previous brand impression the prospect may have established with your company. In other words, any separation point created by the brand of your product, service or company is only significant while the prospect is selecting options. Once an opportunity reaches the selection phase, it is the personal brand of the individual seller that most often determines who wins.

And the winning seller has a very specific type of personal brand – the most trusted. To win more customers, individual sellers and professionals must build the most trusted selling brand with prospects to create a separation point from the competition. Companies that rely solely on their product, service or company brand to create the separation point will usually lose the business.

Sources: http://www.yourtrustedsellingbrand.com/ .

I am looking for accounting books in Spanisht that deal with American accounting methods. Any leads for me?

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.