Simplified eBay Transactions in Xero

eBay VAT and Tax Reporting

When a payout from eBay Managed Payments is received, Link My Books generates a summary invoice that precisely matches the deposit made into your bank account. read about the best Simplified eBay Transactions in Xero By automating the transfer of payout data from eBay Managed Payments to Xero, business owners no longer have to manually enter transaction details. Automating eBay accounting through platforms like Link My Books minimizes the hours spent on mundane bookkeeping tasks. Maintaining Competitive EdgeWith less worry about maintaining accounts and more focus on strategic planning, businesses can maintain a competitive edge in the marketplace.

By leveraging such integrations, ecommerce businesses not only save time but also enhance operational efficiencies dramatically. Settlements are not just lump sums but are itemized to show different components such as product sales, shipping fees, refunds issued, and VAT charged. Each transaction recorded reflects the actual movement of money, enabling precise tracking and reporting.

Accurate accounting ensures compliance with financial regulations and helps prepare more precise tax filings and financial statements without redundant audits or corrections needed down the line due to entry mistakes. How Accurate Bookkeeping Can Boost Your eCommerce BusinessStreamlined Financial ManagementIntegrating your eBay sales with Xero through tools like Link My Books transforms the way you handle your eCommerce financials. This would facilitate a more interconnected backend environment where all facets of an ecommerce operation can communicate seamlessly with each other. Simplified eBay Transactions in Xero

Each platform has unique features but integrating them with an accounting system like Xero can save time and reduce errors.

Simplified eBay Transactions in Xero - eBay VAT and Tax Reporting

  • Sales Channel Accounting Integration
  • Sales Analytics for eBay
  • Product-Level Sales Reporting
For instance, having precise accounts through automated systems may help identify unnecessary expenses or optimize tax liabilities like VAT. Focusing on Business GrowthWith accounting tasks automated and financial data organized efficiently within Xero, eBay sellers can redirect their focus towards scaling their businesses.

24 .Building Stronger Financial Practices with Integrated Payment Solutions

Efficient Reconciliation ProcessOne of the standout benefits of integrating eBay Managed Payments with Xero is the streamlined reconciliation process it facilitates. Competitive Advantage in MarketplacesFor eCommerce merchants competing on vast platforms like eBay, gaining an edge over competitors is essential. The platform removes much of the headache associated with managing an online store's finances, enabling sellers to concentrate on competitive strategies and store growth instead of getting bogged down by numbers and spreadsheets. Automation frees up valuable time that can be better spent on initiatives that drive business growth and enhance competitive advantage. Maintaining Accurate BookkeepingConfidence in bookkeeping accuracy is paramount for any business owner. Simplifying ReconciliationThe clean summary invoice generated after each payout simplifies the often tedious task of reconciliation.

As a round upFor advanced eBay users looking to enhance their business operations through effective use of technology, customizing your accounting setup to integrate seamlessly with Xero offers numerous benefits. Typically, matching bank deposits to invoices can be labor-intensive; however, when using Xero integrated with eBay Managed Payments, each invoice generated mirrors exactly what hits your bank account. This ensures that information regarding sales, refunds, fees, and VAT is moved seamlessly from one platform to another without any discrepancies, which helps in maintaining cleaner and more organized accounts. This step is crucial for enabling the secure syncing of payout data. This directly matches the actual bank deposit entries which drastically cuts down on the time required for monthly account reconciliations.

In effect this means,a streamlined reconciliation process not only saves time but enhances accuracy in financial reporting for e-commerce businesses using eBay as a platform. Enhancing Accuracy with Automated BookkeepingMaintaining accurate books is non-negotiable for any business aiming for long-term success and compliance. eBay VAT and Tax Reporting Such insights are instrumental in making informed decisions about pricing, marketing strategies, and cost management. This level of automation guarantees that every entry is logged correctly in Xero without manual intervention. Simplified Reconciliation ProcessA standout advantage of integrating these platforms is the simplified bank reconciliation process.

Enhanced Accuracy and Time SavingsThe accuracy of your bookkeeping directly influences financial decision-making and overall business health. The automated system minimizes human errors and provides a reliable base for financial decisions. With tools that automatically sync payout data from eBay to Xero, entrepreneurs have one less thing to worry about. Additionally, accurate accounts maintained through automated systems can potentially lower VAT obligations by ensuring precise calculation based on actual transactions rather than estimates. The reliability provided by systems like Link My Books simplifies compliance with financial regulations and readies businesses for audits without the frantic rush typically associated with financial year-ends. Inventory Sync Across Platforms

What New eBay Sellers Need To Know About Automatic Accounting

Detailed Guide on Reconciling Payouts in Xero from eBay SalesUnderstanding Xero and eBay IntegrationReconciling payouts from eBay sales in Xero starts by understanding the seamless connectivity between the two platforms. Instead of dedicating hours to manual bookkeeping tasks each month, this time can be redirected towards activities that enhance business growth and customer engagement-areas critical to gaining a competitive edge in the ecommerce marketplace. Whether it's setting unique rules for categorizing transactions or creating tailored reports that focus on particular aspects of one's business, these customizable options will cater extensively to individual preferences thus making automated systems feel much more relevant and useful. Ultimately, this leads to a robust accounting system where discrepancies are rare and financial reporting is simplified. Online retailers gain access to efficient management tools that not only ensure financial accuracy but also augment operational capabilities. This granularity helps online retailers understand their cash flow better and provides insights into which areas of their business are most profitable or costing them money. This is typically done through an application like Link My Books, which acts as a bridge. This sync includes detailed breakdowns of each transaction, including sales, refunds, fees, and VAT. For instance, syncing eBay Managed Payments payout data with Xero automates the recording process, eliminating the manual entry of transactions and reducing errors.

Detailed Breakdown of TransactionsThe benefit of integrating eBay with Xero through tools like Link My Books is the detailed breakdown it offers for each transaction. By automating data entry and ensuring each transaction detail is captured correctly – from managed payments to individual item sales – ecommerce operators can significantly reduce time spent on reconciliations. By automating the transfer of data from eBay Managed Payments to Xero, each transaction is recorded in real time without manual entry. This setup involves mapping your eBay transactions categories to corresponding ledger accounts in Xero. Reviewing Auto-generated SummariesOnce integration is complete, every payout received through eBay Managed Payments triggers an auto-generation of a summary invoice by tools like Link My Books. The integration of eBay Managed Payments with Xero alleviates this burden by automatically syncing payout data into your accounting software. This integration captures all essential elements such as sales, refunds, fees, and VAT for each transaction. This becomes especially beneficial when dealing with complex transactions across different sites.

Enhanced Financial ReportingWith all transactional data from eBay effortlessly synced to Xero, businesses gain access to real-time financial reporting. Handling DiscrepanciesIt's crucial to review discrepancies if any mismatch occurs during reconciliation. Strategic Advantages of Integrated SystemsBeyond simplifying bookkeeping, integrated systems provide strategic advantages for business growth. Gaining Competitive AdvantageAutomated accounting systems not only streamline operations but also offer competitive advantages by freeing up time that can be better spent on growth-focused activities such as market research or customer engagement strategies. Accurate books ensure that entrepreneurs can focus more on strategic decision-making rather than rectifying accounting errors. As a round upIn effect this means that mastering your eBay managed payments reporting with Xero through integration tools like Link My Books doesn't just streamline accounting processes-it transforms them into strategic business advantages. These invoices capture comprehensive details about each payout: how much was from actual sales, what part was refunds, fees deducted by eBay, and the VAT calculated. However, challenges arise when discrepancies occur due to sync errors or delays in data transmission.

In effect this meansthe automation of your eBay sales into Xero not only frees up valuable time but potentially lowers operational costs associated with manual bookkeeping processes while enhancing accuracy in financial reporting. When you receive payouts from eBay Managed Payments, a system like Link My Books can be utilized to automatically sync this financial information into Xero. Business owners can quickly assess financial health across different marketplaces without having to manually compile data from each source. Such granular detail is crucial for precise accounting and can significantly simplify the reconciliation process. Automated eBay Invoicing This synchronization automatically transfers payout information from eBay to Xero, thus eliminating manual data entry errors and reducing the administrative burden on business owners. It simplifies otherwise complex financial data making it easier to understand where adjustments may be needed. Enhanced Decision MakingWith automated bookkeeping solutions that break down every settlement in detail, business owners gain access to precise and timely financial data. Every time a transaction occurs-whether it's a sale, refund, or payment of fees-details are directly fed into Xero.

Detailed Guide on Reconciling Payouts in Xero from eBay Sales

Automating bookkeeping processes not only assures accuracy but also provides more room for growth-oriented activities. This not only makes reconciling accounts straightforward but also transforms it into a single-click task within Xero's platform. This detailed categorization provides clarity over every aspect of your financials. Efficient Reconciliation ProcessOne of the standout features of eBay to Xero integration through solutions like Link My Books is its ability to simplify the reconciliation process. Simplifying Reconciliation ProcessThe reconciliation process is greatly simplified with this integration.

In effect this means,By employing Link My Books for integration between eBay and Xero, sellers are equipped with powerful tools designed not just for efficiency but also accuracy and simplicity in managing ecommerce finances. Potential issues might be due to timing differences when deposits are recorded or errors in transaction categorization on either end-eBay or Xero. Handling Multi-Platform ComplexityFor businesses operating on Shopify and Amazon alongside eBay, it's crucial to establish a unified approach to handle multi-platform sales. Understanding and Managing FinancesWith integration in place, it's vital to familiarize yourself with how data flows from eBay to Xero.

The summarized invoice matches exactly with the deposit made into your bank account. In effect this means,integrating Xero with your eBay selling platform offers numerous advantages ranging from improved accuracy in bookkeeping and easier compliance with tax regulations to significant time and cost savings. For new sellers on eBay, understanding where money is spent and received helps in making informed business decisions. With confidence in your financial data integrity, you're better positioned to make informed decisions about your ecommerce strategy and operations.

This not only speeds up the process but also enhances financial control by providing clear visibility into transactions.eBay Seller Accounting SimplifiedBy automating accounting tasks related to eBay sales, sellers can concentrate more on outperforming competitors and expanding their customer base.

Simplified eBay Transactions in Xero - Multi-Channel Sales Integration

  • Multi-Currency Transactions on eBay
  • eBay Expense Management Tools
  • eBay Income Statement Reconciliation
Enhancing Accuracy in BookkeepingAccuracy in bookkeeping is paramount for any business owner who wants to maintain healthy finances and comply thoroughly with regulatory standards. These summaries detail every component of the transaction including sales, refunds, fees, and notably - VAT amounts. Real-Time AccuracyThe promise of maintaining up-to-date bookkeeping cannot be understated.

Link My Books for eBay and Xero

How To Ensure Error-Free Bookkeeping When Selling on eBay

Leveraging Automated FeaturesMaximize the benefits of using automated tools by exploring all features offered by both eBay and Xero integrations. Configuring Your SettingsOnce the initial connection between eBay, Link My Books, and Xero is established, proceed to configure your settings according to your business requirements. By automating the transfer and breakdown of eBay Managed Payments payout data into Xero, business owners can achieve a high level of accuracy in their bookkeeping without dedicating extensive time and resources. Such integrations allow for real-time financial monitoring and quicker adjustments, empowering businesses to maintain accurate bookkeeping effortlessly. This involves not just tracking sales but also managing refunds, fees, VAT, and other financial elements critical for accurate bookkeeping.

Building Stronger Financial Practices with Integrated Payment SolutionsStreamlining eBay Accounting with Xero IntegrationFor eCommerce businesses using eBay, integrating their financial operations with Xero can drastically simplify the accounting process. eBay Sales Overview in Xero Accuracy and ConfidenceThe precision with which these transactions are recorded means business owners can have complete confidence in the accuracy of their bookkeeping. Consequently, reconciling these amounts becomes as straightforward as clicking a button. Utilizing robust software like Link My Books can simplify this process by automatically categorizing each transaction according to your specified settings.

Customizing Your Accounting Setup for Advanced eBay UsersUnderstanding eBay Managed Payments Integration with XeroFor advanced eBay users, the key to efficient financial management lies in seamlessly integrating your eBay sales data with Xero. Breakdown of Financial SettlementsOne of the standout features of using Xero with eBay is the detailed breakdown it offers for each settlement. As ecommerce continues evolving rapidly, having robust tools like this integration ensures you remain competitive while managing your finances effortlessly. Accurate tracking helps identify deductible expenses more effectively and ensures compliance with tax regulations without any extra effort on part of the seller.

Streamlined Reconciliation ProcessOne major advantage of integrating your eBay Managed Payments with Xero is the simplification of the reconciliation process.

Simplified eBay Transactions in Xero - eBay Sales Overview in Xero

  • eBay Refund Tracking
  • Inventory Cost of Goods Sold (COGS)
  • eBay Marketplace Financial Management
The automation provided by Link My Books means fewer hours spent on accounting tasks each month. In effect this means,eBay sellers can now spend less time on mundane bookkeeping tasks and more on strategic activities that drive business growth thanks to effective integration solutions like Link My Books with Xero. Once set up, every payout received from eBay Managed Payments can automatically sync with Xero.

Time-Saving Strategies for Online Retailers Using Xero

This automation streamlines the reconciliation process, typically reducing errors and saving significant time. Sellers can thus ensure their bank statements and accounting records align perfectly without sifting through countless transactions manually. Integrative Techniques between Shopify, Amazon, and EBay AccountsIntegrative OverviewWhen managing multiple ecommerce platforms like Shopify, Amazon, and eBay, integration is key to streamline operations and ensure accurate financial records. Automation tools like Link My Books are pivotal, offering seamless synchronization of eBay Managed Payments data directly into Xero. From streamlined reconciliation processes to improved VAT management and freeing up time for core business activities – these advancements provide a solid foundation to support business growth in a competitive ecommerce environment.22 . Focus Shifted from Bookkeeping to Business GrowthBy automating bookkeeping tasks with reliable tools like Link My Books and Xero, online retailers can shift their focus towards more strategic activities such as marketing, customer service, and expanding product lines. Each time a transaction occurs, whether it's a sale, refund, or fee, the details are automatically captured and categorized in Xero. This not only saves precious time but also enhances financial control by enabling prompt responses to any discrepancies. This feature ensures that every transaction from sales to refunds is captured accurately without manual input.

Simplified eBay Transactions in Xero -

  1. eBay Order Management in Xero
  2. Automated Bookkeeping for eBay
  3. eBay Revenue Recognition
Conclusion: Maximizing Efficiency and AccuracyIn effect this means using tools like Link My Books not only streamlines the entire bookkeeping process but also enhances accuracy by eliminating human errors associated with manual data entry or account reconciliation efforts.

By reducing manual workloads, improving accuracy, saving costs, and enabling better use of resources towards core business activities, automated accounting plays a pivotal role in helping online stores thrive in increasingly competitive markets. In effect this means,the accuracy afforded by an integrated bookkeeping system like eBay to Xero not only enhances operational efficiency but also provides a strategic advantage in managing an eCommerce business effectively. Future Trends in Automated Ecommerce Account ManagementAdvancements in Data Integration and AutomationThe integration of platforms like eBay with accounting software such as Xero signifies a fundamental shift towards more streamlined operations in ecommerce. How to Automate Your eBay Sales with XeroUnderstanding eBay to Xero IntegrationeBay sellers often grapple with the complexities of managing their sales data efficiently. This not only ensures compliance with tax regulations but also aids in optimizing tax liabilities, potentially lowering overall VAT bills. By removing the constant worry about financial record-keeping accuracy, sellers can leverage their newfound time to gain competitive advantages over rivals or explore new markets for expansion. Sellers can rest assured knowing their financial statements reflect precise information which not only enhances confidence in their fiscal data but could potentially lead to savings on obligations such as VAT. There may be an emergence of functionalities supporting broader cross-platform compatibility-encompassing not just payment processing platforms but perhaps even CRM systems, marketing tools, or inventory management interfaces. Overcoming Common Challenges in eBay to Xero IntegrationUnderstanding eBay Managed Payments SyncingIntegrating eBay with Xero starts with the syncing of eBay Managed Payments.

These savings could then be reinvested into other areas such as marketing or product development. Time-Saving BenefitsBy automating the flow of information between eBay and Xero, ecommerce entrepreneurs save substantial amounts of time. The confidence that comes from knowing your books are meticulously maintained allows business owners to focus more on operational strategies and less on back-office tasks. Xero's capabilities to sync with eBay Managed Payments ensures that every transaction detail, from sales to VAT, is automatically recorded. By simplifying what traditionally has been a complex process involving multiple checks across platforms, businesses can free up valuable resources to focus on other growth-oriented activities. With reduced manual workload and enhanced accuracy, business owners can redirect focus towards strategic activities aimed at taking their business to new heights.25 . Moreover, this breakdown assists greatly during tax season by clearly delineating deductible expenses and necessary liabilities. Streamlining your accounting processes through these integrations not only optimizes productivity but also improves financial accuracy-key components that foster business scalability and administrative ease. Automated account management tools will likely develop integrated compliance checks that automatically update themselves according to the latest legal requirements, thereby reducing the risk for businesses while ensuring transparency with fiscal authorities.

Moreover, by streamlining these processes you reduce the likelihood of costly human errors and decrease reliance on external accounting services; thus potentially lowering operational costs. By automating essential yet time-consuming tasks such as transaction recording and account reconciliations, businesses can allocate more time towards strategic activities geared toward expansion and competition. Each time a payout from eBay Managed Payments is received, an invoice summarizing all transactions (sales, refunds, fees) related to that payout is generated automatically. Strategic Advantages for GrowthAutomated accounting systems like Link My Books free up ecommerce business owners to allocate more time towards activities that fuel growth such as market research, product development, and customer engagement strategies. Setting Up the ConnectionTo begin automating your eBay sales data into Xero, you must first establish a connection between these two platforms. Saving Time on Bookkeeping TasksFor eCommerce entrepreneurs, time saved on bookkeeping translates directly into more time available for business development activities. This integration primarily allows for the automatic synchronization of payout data from eBay Managed Payments into Xero, making the entire accounting process more manageable and less error-prone. Moreover, this high level of precision aids in potentially reducing VAT liabilities due to accurate reporting and documentation. These invoices match exactly with the deposits received in bank accounts which transforms what used to be a meticulous manual verification process into a straightforward single-click task within Xero.

Xero may refer to:

  • Xero (band), an Australian punk band
  • Xero (company), a New Zealand financial software company
  • Xero (film), an experimental 2010 German film
  • Xero (Linkin Park), an early name for the band Linkin Park, as well as a demo tape of the same name
  • Xero (SF fanzine), American fanzine published from 1960 to 1963
  • Xero (comics), comic book series and superhero created by Christopher Priest and ChrisCross
  • Xero Shoes, a brand of minimalist footwear

See also

[edit]
  • Xeros (disambiguation)
  • Zero (disambiguation)

Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations.[1][2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators.[3] Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably.[4]

Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting.[5] Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers.[6] Management accounting focuses on the measurement, analysis and reporting of information for internal use by management to enhance business operations.[1][6] The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.[7] Accounting information systems are designed to support accounting functions and related activities.

Accounting has existed in various forms and levels of sophistication throughout human history. The double-entry accounting system in use today was developed in medieval Europe, particularly in Venice, and is usually attributed to the Italian mathematician and Franciscan friar Luca Pacioli.[8] Today, accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms,[9] and are prepared in accordance with generally accepted accounting principles (GAAP).[6] GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States[1] and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS).[10][11]

History

[edit]
Portrait of Luca Pacioli, painted by Jacopo de' Barbari, 1495 (Museo di Capodimonte)

Accounting is thousands of years old and can be traced to ancient civilizations.[12][13][14] One early development of accounting dates back to ancient Mesopotamia and is closely related to developments in writing, counting and money;[12] there is also evidence of early forms of bookkeeping in ancient Iran,[15][16] and early auditing systems by the ancient Egyptians and Babylonians.[13] By the time of Emperor Augustus, the Roman government had access to detailed financial information.[17]

Many concepts related to today's accounting seem to be initiated in medieval's Middle East. For example, Jewish communities used double-entry bookkeeping in the early-medieval period[18][19] and Muslim societies, at least since the 10th century also used many modern accounting concepts.[20]

The spread of the use of Arabic numerals, instead of the Roman numbers historically used in Europe, increased efficiency of accounting procedures among Mediterranean merchants,[21] who further refined accounting in medieval Europe.[22] With the development of joint-stock companies, accounting split into financial accounting and management accounting.

The first published work on a double-entry bookkeeping system was the Summa de arithmetica, published in Italy in 1494 by Luca Pacioli (the "Father of Accounting").[23][24] Accounting began to transition into an organized profession in the nineteenth century,[25][26] with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales in 1880.[27]

Etymology

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Early 19th-century ledger

Both the words "accounting" and "accountancy" were in use in Great Britain by the mid-1800s and are derived from the words accompting and accountantship used in the 18th century.[28] In Middle English (used roughly between the 12th and the late 15th century), the verb "to account" had the form accounten, which was derived from the Old French word aconter,[29] which is in turn related to the Vulgar Latin word computare, meaning "to reckon". The base of computare is putare, which "variously meant to prune, to purify, to correct an account, hence, to count or calculate, as well as to think".[29]

The word "accountant" is derived from the French word compter, which is also derived from the Italian and Latin word computare. The word was formerly written in English as "accomptant", but in process of time the word, which was always pronounced by dropping the "p", became gradually changed both in pronunciation and in orthography to its present form.[30]

Terminology

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Accounting has variously been defined as the keeping or preparation of the financial records of transactions of the firm, the analysis, verification and reporting of such records and "the principles and procedures of accounting"; it also refers to the job of being an accountant.[31][32][33]

Accountancy refers to the occupation or profession of an accountant,[34][35][36] particularly in British English.[31][32]

Topics

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Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems.[5]

Financial accounting

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Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance with generally accepted accounting principles (GAAP).[6] GAAP, in turn, arises from the wide agreement between accounting theory and practice, and changes over time to meet the needs of decision-makers.[1]

Financial accounting produces past-oriented reports—for example financial statements are often published six to ten months after the end of the accounting period—on an annual or quarterly basis, generally about the organization as a whole.[6]

Management accounting

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Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfill the goals of an organization. In management accounting, internal measures and reports are based on cost–benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP).[6] In 2014 CIMA created the Global Management Accounting Principles (GMAPs). The result of research from across 20 countries in five continents, the principles aim to guide best practice in the discipline.[37]

Management accounting produces past-oriented reports with time spans that vary widely, but it also encompasses future-oriented reports such as budgets. Management accounting reports often include financial and non financial information, and may, for example, focus on specific products and departments.[6]

Intercompany accounting

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Intercompany accounting focuses on the measurement, analysis and reporting of information between separate entities that are related, such as a parent company and its subsidiary companies. Intercompany accounting concerns record keeping of transactions between companies that have common ownership such as a parent company and a partially or wholly owned subsidiary. Intercompany transactions are also recorded in accounting when business is transacted between companies with a common parent company (subsidiaries).[38][39]

Auditing

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Auditing is the verification of assertions made by others regarding a payoff,[40] and in the context of accounting it is the "unbiased examination and evaluation of the financial statements of an organization".[41] Audit is a professional service that is systematic and conventional.[42]

An audit of financial statements aims to express or disclaim an independent opinion on the financial statements. The auditor expresses an independent opinion on the fairness with which the financial statements presents the financial position, results of operations, and cash flows of an entity, in accordance with the generally accepted accounting principles (GAAP) and "in all material respects". An auditor is also required to identify circumstances in which the generally accepted accounting principles (GAAP) have not been consistently observed.[43]

Information systems

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An accounting information system is a part of an organization's information system used for processing accounting data.[44] Many corporations use artificial intelligence-based information systems. The banking and finance industry uses AI in fraud detection. The retail industry uses AI for customer services. AI is also used in the cybersecurity industry. It involves computer hardware and software systems using statistics and modeling.[45]

Many accounting practices have been simplified with the help of accounting computer-based software. An enterprise resource planning (ERP) system is commonly used for a large organisation and it provides a comprehensive, centralized, integrated source of information that companies can use to manage all major business processes, from purchasing to manufacturing to human resources. These systems can be cloud based and available on demand via application or browser, or available as software installed on specific computers or local servers, often referred to as on-premise.

Tax accounting

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Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.[46] U.S. tax law covers four basic forms of business ownership: sole proprietorship, partnership, corporation, and limited liability company. Corporate and personal income are taxed at different rates, both varying according to income levels and including varying marginal rates (taxed on each additional dollar of income) and average rates (set as a percentage of overall income).[46]

Forensic accounting

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Forensic accounting is a specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation.[47] "Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work.

Political campaign accounting

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Political campaign accounting deals with the development and implementation of financial systems and the accounting of financial transactions in compliance with laws governing political campaign operations. This branch of accounting was first formally introduced in the March 1976 issue of The Journal of Accountancy.[48]

Organizations

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Professional bodies

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Professional accounting bodies include the American Institute of Certified Public Accountants (AICPA) and the other 179 members of the International Federation of Accountants (IFAC),[49] including Institute of Chartered Accountants of Scotland (ICAS), Institute of Chartered Accountants of Pakistan (ICAP), CPA Australia, Institute of Chartered Accountants of India, Association of Chartered Certified Accountants (ACCA) and Institute of Chartered Accountants in England and Wales (ICAEW). Some countries have a single professional accounting body and, in some other countries, professional bodies for subfields of the accounting professions also exist, for example the Chartered Institute of Management Accountants (CIMA) in the UK and Institute of management accountants in the United States.[50] Many of these professional bodies offer education and training including qualification and administration for various accounting designations, such as certified public accountant (AICPA) and chartered accountant.[51][52]

Firms

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Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.[9]

Accounting firms grew in the United States and Europe in the late nineteenth and early twentieth century, and through several mergers there were large international accounting firms by the mid-twentieth century. Further large mergers in the late twentieth century led to the dominance of the auditing market by the "Big Five" accounting firms: Arthur Andersen, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers.[53] The demise of Arthur Andersen following the Enron scandal reduced the Big Five to the Big Four.[54]

Standard-setters

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Generally accepted accounting principles (GAAP) are accounting standards issued by national regulatory bodies. In addition, the International Accounting Standards Board (IASB) issues the International Financial Reporting Standards (IFRS) implemented by 147 countries.[1] Standards for international audit and assurance, ethics, education, and public sector accounting are all set by independent standard settings boards supported by IFAC. The International Auditing and Assurance Standards Board sets international standards for auditing, assurance, and quality control; the International Ethics Standards Board for Accountants (IESBA) [55] sets the internationally appropriate principles-based Code of Ethics for Professional Accountants; the International Accounting Education Standards Board (IAESB) sets professional accounting education standards;[56] and International Public Sector Accounting Standards Board (IPSASB) sets accrual-based international public sector accounting standards.[57][4]

Organizations in individual countries may issue accounting standards unique to the countries. For example, in Australia, the Australian Accounting Standards Board manages the issuance of the accounting standards in line with IFRS. In the United States the Financial Accounting Standards Board (FASB) issues the Statements of Financial Accounting Standards, which form the basis of US GAAP,[1] and in the United Kingdom the Financial Reporting Council (FRC) sets accounting standards.[58] However, as of 2012 "all major economies" have plans to converge towards or adopt the IFRS.[10]

Education, training and qualifications

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Degrees

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At least a bachelor's degree in accounting or a related field is required for most accountant and auditor job positions, and some employers prefer applicants with a master's degree.[59] A degree in accounting may also be required for, or may be used to fulfill the requirements for, membership to professional accounting bodies. For example, the education during an accounting degree can be used to fulfill the American Institute of CPA's (AICPA) 150 semester hour requirement,[60] and associate membership with the Certified Public Accountants Association of the UK is available after gaining a degree in finance or accounting.[61]

A doctorate is required in order to pursue a career in accounting academia, for example, to work as a university professor in accounting.[62][63] The Doctor of Philosophy (PhD) and the Doctor of Business Administration (DBA) are the most popular degrees. The PhD is the most common degree for those wishing to pursue a career in academia, while DBA programs generally focus on equipping business executives for business or public careers requiring research skills and qualifications.[62]

Professional qualifications

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Professional accounting qualifications include the chartered accountant designations and other qualifications including certificates and diplomas.[64] In Scotland, chartered accountants of ICAS undergo Continuous Professional Development and abide by the ICAS code of ethics.[65] In England and Wales, chartered accountants of the ICAEW undergo annual training, and are bound by the ICAEW's code of ethics and subject to its disciplinary procedures.[66]

In the United States, the requirements for joining the AICPA as a Certified Public Accountant are set by the Board of Accountancy of each state, and members agree to abide by the AICPA's Code of Professional Conduct and Bylaws.

The ACCA is the largest global accountancy body with over 320,000 members, and the organisation provides an 'IFRS stream' and a 'UK stream'. Students must pass a total of 14 exams, which are arranged across three levels.[67]

Research

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Accounting research is research in the effects of economic events on the process of accounting, the effects of reported information on economic events, and the roles of accounting in organizations and society.[68][69] It encompasses a broad range of research areas including financial accounting, management accounting, auditing and taxation.[70]

Accounting research is carried out both by academic researchers and practicing accountants. Methodologies in academic accounting research include archival research, which examines "objective data collected from repositories"; experimental research, which examines data "the researcher gathered by administering treatments to subjects"; analytical research, which is "based on the act of formally modeling theories or substantiating ideas in mathematical terms"; interpretive research, which emphasizes the role of language, interpretation and understanding in accounting practice, "highlighting the symbolic structures and taken-for-granted themes which pattern the world in distinct ways"; critical research, which emphasizes the role of power and conflict in accounting practice; case studies; computer simulation; and field research.[71][72]

Empirical studies document that leading accounting journals publish in total fewer research articles than comparable journals in economics and other business disciplines,[73] and consequently, accounting scholars[74] are relatively less successful in academic publishing than their business school peers.[75] Due to different publication rates between accounting and other business disciplines, a recent study based on academic author rankings concludes that the competitive value of a single publication in a top-ranked journal is highest in accounting and lowest in marketing.[76]

Scandals

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The year 2001 witnessed a series of financial information frauds involving Enron, auditing firm Arthur Andersen, the telecommunications company WorldCom, Qwest and Sunbeam, among other well-known corporations. These problems highlighted the need to review the effectiveness of accounting standards, auditing regulations and corporate governance principles. In some cases, management manipulated the figures shown in financial reports to indicate a better economic performance. In others, tax and regulatory incentives encouraged over-leveraging of companies and decisions to bear extraordinary and unjustified risk.[77]

The Enron scandal deeply influenced the development of new regulations to improve the reliability of financial reporting, and increased public awareness about the importance of having accounting standards that show the financial reality of companies and the objectivity and independence of auditing firms.[77]

In addition to being the largest bankruptcy reorganization in American history, the Enron scandal undoubtedly is the biggest audit failure[78] causing the dissolution of Arthur Andersen, which at the time was one of the five largest accounting firms in the world. After a series of revelations involving irregular accounting procedures conducted throughout the 1990s, Enron filed for Chapter 11 bankruptcy protection in December 2001.[79]

One consequence of these events was the passage of the Sarbanes–Oxley Act in the United States in 2002, as a result of the first admissions of fraudulent behavior made by Enron. The act significantly raises criminal penalties for securities fraud, for destroying, altering or fabricating records in federal investigations or any scheme or attempt to defraud shareholders.[80]

Fraud and error

[edit]

Accounting fraud is an intentional misstatement or omission in the accounting records by management or employees which involves the use of deception. It is a criminal act and a breach of civil tort. It may involve collusion with third parties.[81]

An accounting error is an unintentional misstatement or omission in the accounting records, for example misinterpretation of facts, mistakes in processing data, or oversights leading to incorrect estimates.[81] Acts leading to accounting errors are not criminal but may breach civil law, for example, the tort of negligence.

The primary responsibility for the prevention and detection of fraud and errors rests with the entity's management.[81]

See also

[edit]
  • Accounting information system
  • Accounting records

References

[edit]
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[edit]
  • Library resources in your library and in other libraries about accounting
  • Operations Research in Accounting on the Institute for Operations Research and the Management Sciences website

Vat or VAT may refer to:

Container

[edit]
  • Barrel for alcoholic beverage or other liquid

Economics

[edit]
  • Value-added tax, a consumption tax levied on value added
    • VAT identification number
    • Value Added Tax (United Kingdom)

Places

[edit]
  • Vatican City, ISO country code VAT
  • Vát, a village in Hungary

Other uses

[edit]
  • Vat 69, a Scotch blended whisky
  • VAT 69 Commando, elite special forces of the Royal Malaysian Police
  • Vanajan Autotehdas (VAT), former heavy vehicle producer in Finland
  • Veterans Against Terrorism, UK political advocacy group
  • Virtual Allocation Table, a component of the Universal Disk Format

See also

[edit]
  • Vats (disambiguation)
  • All pages with titles beginning with Vat
  • All pages with titles containing Vat