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How to Maintain Compliance Documentation for Sales Tax Audits | TaxConnex

TaxConnex

Sales Tax Accruals Ensure that sales tax is stated in your general ledger as a separate GL account number. Returns/Credits Returns and credits should be clearly identified in your accounting system. Ensure these bad debts are clearly identified and documented in your accounting system.

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5 Crucial Pieces of Your Sales Tax Compliance Filing Process

TaxConnex

However, the reality is that businesses grow, they acquire other businesses, they change accounting systems, they launch new e-commerce platforms - all resulting in different sales tax processes.

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DFARS Accounting Systems: Ensuring Compliance and Accuracy

Withum

The Defense Federal Acquisition Regulation Supplement (DFARS) outlines specific requirements for contractors’ accounting systems. These systems play a crucial role in ensuring accurate financial reporting, compliance with regulations, and effective cost management. What Is an Accounting System?

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5 Steps to a Complete Sales Tax Filing Process

TaxConnex

However, the reality is that businesses grow, they acquire other businesses, they change accounting systems, they launch new e-commerce platforms - all resulting in different sales tax processes.

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Reconciliation in Accounting: Difficulties in Reconciling the Accounts

Snyder

However, these indicators are only good when you reconcile the accounts properly. The account reconciliation process is an integral part of business, which helps to connect accounting with bank statements, records with cash, and protect the business from any discrepancies. . What is account reconciliation?

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How Government Contractors Can Master the Art of Timekeeping

CPA Practice

government contracts account for over $700 billion annually , a significant portion of which hinges on the ability for contractors to “establish and maintain an acceptable accounting system” which includes “timekeeping” and “labor distribution.” This aspect underscores the system’s flexibility while maintaining its rigor.

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Review of CYMA Payroll- The Accounting Technology Lab Podcast – August 2024

CPA Practice

Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab sponsored by CPA practice advisor, with your hosts, Randy Johnston, and Brian Tankersley. Randy Johnston 00:10 Welcome to the accounting Technology Lab. Good system, a lot of legacy SmartCode. But the accounting software modules are complete.

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