Standard Cost Accounting - Why Use It?

The main goal of alternative types of cost accounting is to provide the organization an realistic view of the cost of goods that it sells. Although Standard cost accounting offers this, it differs because it also focuses on performance measurement and management. standard costing provides a cost objective that Leadership is able to use to evaluate the performance of the firm and its' processes.

Many companies which use standard cost accounting utilize it to manage by variance. This approach requires thorough variance analysis at all levels. The types of variances which are routinely measured are:

Purchase price Variance (PPV): Dependant upon the software program, PPV may have numerous components. Typically, it is the difference between the price on the Purchase Order (PO) and the standard cost of the item. The other most typical element of PPV is the difference between the invoice from the supplier and the PO.

Standard Cost Accounting - Why Use It?

Closed Work Order Variance (CWO): The CWO variance will be the difference between the standard cost associated with the item being produced and the actual costs charged to the work order. Depending on the system CWO variances might have numerous components, as well. Most computer systems that handle work orders will distinguish between the types of costs issued to the work order. These are typically Materials, Direct Labor, Factory Burden, and Outside Processing. Within Factory Burden, some systems also distinguish between Variance Burden, Fixed Burden and Material Burden.

Direct Labor Application Variance: The Direct Labor variance will be the difference between the actual Direct Labor incurred and the Direct Labor charged to work orders.

Factory Burden Application Variance: The Factory Burden variance will be the difference between the actual Factory Burden incurred and the Factory Burden charged to work orders. In most systems Factory Burden is split up into a number of sub-categories such as variable overhead, fixed overhead and material burden and each of the sub-categories need its' own analysis to look for the drivers of the variances.

Management by Variance

Management by variance is the method of financial review in which the emphasis of the analysis is on the variances from budget and standard.

The flow of the review is driven by how the firm sees its' products and markets. Among the most common classifications to go through during the review are product line/family/group, job, or location. For the sake of discussion, let's assume that product line will be the logical group. For every product line, the person doing the anaysis will have to present production & sales data relating to the specific groups in addition to variance analysis tables much like those listed in the prior section.

Numbers, on the other hand, are nearly meaningless with no narrative to paint the picture behind the numbers. The person preparing the analysis must not only show the numbers, but examine the drivers of the variances, both positive and negative. This allows the business to plan and carry out modifications to offset ongoing drivers of negative variances or, maybe, to further capitalize on operational changes which have shown positive variances by rolling them out into other areas.

For example, utilizing the illustrations from the prior section, if the decrease from the standard 2 hour to produce a widget to the actual 1.75 hours was because of the purchase of newer, faster machines, then it quantifies the cost savings associated with the improvement that was put in place. On the other hand, the rise in materials usage could be because of training issues associated to employee turnover, or changes in materials to improve yield, quality or cost and is in need or rigorous analysis.

At the end of the review, all participants should be clear on where the financial statements stand, exactly what the drivers are (both positive and negative), and know all of the action items to be tackled at a later meeting.

For more information please visit Instant Controller

Standard Cost Accounting - Why Use It?
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John Leonard

With more than twenty years experience in accounting & finance, with several companies, John has been in manufacturing, distribution, retail, transportation and financial services industries. He has seen companies with less than one inventory turn (enough inventory to last more than a year) as well as greater than 24 turns (less than two weeks worth of inventory). He has been in situations with over 120 days in Accounts Receivable (four months worth of sales) and has been in organizations where there was Hell to pay if Accounts Receivable was less than 93% under 30 days.

John has been in organizations where a larger parent company manages all of the cash and has been in the position of looking between the seat cushions for change to make payroll. He prefers the former.

John has a Bachelor of Science degree in Business Administration with a Concentration in Accounting and graduated with honors from Biola University with a Masters of Business Administration.

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Sales Tax Items And Sales Tax Codes In QuickBooks - How They Work

Are you confused about Sales Tax Items and Sales Tax Codes in QuickBooks? I was too! It took me forever to finally figure out what they actually did, how to get the sales tax liability report to look right, and where they showed up on that report. After reading the QuickBooks help, and reading tons of articles online, I still had no clear answer. But I finally figured out how to set things up in a way that makes sense to me - I hope it makes sense to you too.

We're going to discuss the proper setup of sales tax items and codes; proper setup of customers for sales tax reporting; the difference between sales tax items and sales tax codes; using sales tax codes; and running sales tax reports in QuickBooks.

Proper Setup of Sales Tax Items and Sales Tax Codes

Sales Tax Items And Sales Tax Codes In QuickBooks - How They Work

These guidelines assume that you have no Sales Tax Items or Sales Tax Codes set up yet in QuickBooks. However, many of you reading this already do. If this is the case, just go through your lists and see if your items and codes are set up like these. IMPORTANT: I strongly suggest that you do not change anything in your QuickBooks file until you read this entire article and understand it!

First, determine how many sales tax agencies and rates you need to report. You will need to set up your Sales Tax Items depending on this information. If you are unsure, contact a local accountant.

Here's how to set up the Items and Codes:

From the Items List, press Control-N. Select Sales Tax Item. Enter a name for the sales tax - something simple is fine, something that makes sense to you. Enter a more detailed description on the next line. Enter the tax rate, and choose the state reporting agency where the tax will be remitted.

Then, set up a non-taxable Sales Tax Item. From the Items List, press Control-N. Select Sales Tax Item. Item name should be Non-Taxable Sales. Enter a brief description, and 0.00% for the rate. Even though this is non-taxable, select the main tax agency you use.

Next, setup your sales tax codes. It will be helpful to have your sales tax return in front of you to do this. For example, for California, on BOE-401-A page two, there is a list of all of the reasons sales may be non-taxable. Here are some of them:

Resale

Food

Labor

Sales to the U.S. government

Out of state sales

From the Lists menu, select Sales Tax Code list. Then press Control-N. Enter a three-character code and description for each. For example, for non-taxable labor, you can use a three-character code of LBR, and a description of, "Labor Sales - non-taxable." Do this for all of the reasons that sales are non-taxable. Make sure the Non-taxable circle is selected.

For taxable sales, set up a Sales Tax Code called TAX. Write a brief description. Make sure the Taxable circle is selected.

Proper Setup of Customers for Sales Tax Reporting

It's important that the customers are set up correctly, because when invoices are generated, they will default to the setup you use here.

Go to the customer list, pick a customer you want to examine, right click, and select Edit Customer:Job. Click the Additional Info tab. In the bottom left area you will see Sales Tax Information.

First, select the Tax Item box. If this customer lives out of state or is otherwise non-taxable, select the Non Taxable sales tax item you established above. If the customer lives in-state or is otherwise taxable, select the Taxable sales tax item you established above.

Next, select the Tax Code box. If the customer is out of state and non-taxable, select the code, "OOS." If the customer is the U.S. government, select the tax code you established for these types of sales. If the customer is in state, select the code, "TAX." Generally, you will only need to use these codes in these screens for all customers.

Any time you generate an invoice for your customers, QuickBooks will default to the sales tax items and codes you established in the Edit Customer:Job screen.

Understand the Difference Between Sales Tax Items and Sales Tax Codes

The Sales Tax Item tells QuickBooks how much sales tax to computer for a given sale. On invoices, they are located just above and to the left of the Total. Sales Tax Items are pretty straightforward to understand and use.

The Sales Tax code tells QuickBooks why the customer or sale was taxable or non taxable. They are located along the right side of the invoice screen. Also in the invoice screen, in the grey area above the Memo line, you will also see a box that says Customer Tax Code. This defaults to the Tax Code you established above for each customer.

Sales Tax Codes are important, because the California sales tax return BOE-401-A requires that non-taxable sales be itemized. If the codes are setup and used correctly in QuickBooks, the reports will show this itemization.

Using Sales Tax Codes

As a general rule, anytime you have an out-of-state customer, you will use the Non Taxable Sales Tax Item, and the OOS Sales Tax Code. My recommendation is that even if there is non taxable labor or non taxable shipping on the invoice, do not change the codes, still use OOS.

For taxable customers, use the Taxable Sales Tax Item on their invoices. However, you may need to use different Sales Tax Codes on different lines. For example, you may sell some products to a customer, but on the same invoice you may have non-taxable shipping or labor. You will need to make sure the SHP or LBR codes show up correctly, and that the TAX code shows correctly along the right side of the invoice. This will compute sales tax only for your products, and not for your shipping and/or labor.

Running Sales Tax Reports in QuickBooks

If you've taken the time to get everything set up correctly, you efforts will pay off when it's time to run sales tax reports!

From the Vendors menu, select Sales Tax, then Sales Tax Liability. Make certain of the date range, that it matches the date range of your sales tax return.

You will see several columns, most notably Total Sales, Non-Taxable Sales, and Taxable Sales. Notice that the Sales Tax Items are listed down the left side, underneath the state agency. Also notice that the Sales Tax Codes do not appear on this report.

In order to see the Sales Tax Codes (remember, these are the reasons why sales are taxable or non-taxable), go to the Non-Taxable Sales column, and find the amount that intersects with the Non Taxable sales row. Double click. This report will show all of the amounts used for the Sales Tax Codes for Non Taxable sales. Use this information to help you prepare your sales tax return (for California, this information should appear on BOE-401-A, page 2).

The Sales Tax Liability Report can be used to finish the rest of the sales tax return.

Final Thoughts

Sales tax collection and reporting is very complex, and varies considerably even from city to city in some cases. These guidelines are intended to be general in nature, giving a broad overview of the sales tax process in QuickBooks. If you need more help, please refer to a professional who can help you make sure everything is set up according to your unique location and needs. If you wish, you can experiment with the ideas here in a Sample Company File, which was loaded onto your computer when you loaded QuickBooks.

Sales Tax Items And Sales Tax Codes In QuickBooks - How They Work
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About the Author: Jennifer A. Thieme is a Registered Tax Preparer and a Certified QuickBooks ProAdvisor who enjoys writing about tax and accounting issues. She brings unique insight, clear instructions, and over ten years experience to all of her business articles. Owner of Solid Rock Accounting Services, Jennifer's clients enjoy these same benefits on a personal and regular basis. You can too - visit http://www.jenniferthieme.com and contact Jennifer today.

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Computerized Financial Accounting - Methods and Practices - Use of software in Accounting

Complete financial accounting course or tutorial covers a range of following topics. It is being evaluated that how computers have affected traditional accounting methods and practices. Financial Accounting with Double Entry Bookkeeping Principles of Accounting Basic Book of Accounting - Journal Accounting Ledger Accounting Sub Journals - Cash Cook Subsidiary Accounting Books Accounting Verification by Trial Balance Banking Transactions Bank Reconciliation Statement Depreciation Rectification Of Accounting Errors Balance Sheet and Profit and Loss Account Single Entry Bookkeeping Accounting System Non Profit Organization Accounting Capital and Revenue Reserves and Provisions

In a very short span of time, computer has grown from a scientific curiosity to an indispensable tool of modem society. There is hardly any scientific/technical or business activity which is not in one way or the other, affected by modern data processing techniques.

The human mind can handle only a limited number of things at a time. The digital computer, on the other hand, can be programmed to compare, measure, calculate and evaluate thousands of readings in an extremely short period of time.

Computerized Financial Accounting - Methods and Practices - Use of software in Accounting

The computer industry has become the fastest growing industry these days. The sale of mainframe computers is increasing day by day. The computer industry has been further pushed up by the introduction of mini computer and micro computers which are small, cheap, reliable and very light. These are being routinely used for process control, production testing, scientific instrument recording, in store check out systems, in automobile test and evaluating systems, and medical monitoring etc.

Computers are now being used extensively in office administration to perform the routine clerical work. Today, most large and medium sized organizations are almost totally dependent on their computers. Routine uses of computers are given below:

(i) Accounting, Billing, Inventory Control Software with MIS, CRM

Computers are extensively used in accounting and there are multitude of computer software for Accounting, MIS, CRM. HiTech Financial Accounting is one such software which has been customized for users in many segments in business and services.

(ii) Payroll and personnel records.

Payroll accounting was the first commercial area to become widely computerized. The calculation of wages or salaries involves a number of variables which relate to the personal details of each employee, such as gross pay or rate for the job, individual deductions, tax liabilities of the employees and so on. These facts can be retained in the computers and processed every month of produce pay slips for the employees.

(iii) Stock control

The computer helps to exercise the type of stock control needed by the organization. It upto dates the sales and purchases records, determines optimum re-order levels for different items and prints out the stock lists when desired. The system can be so designed that it triggers orders when stock level reaches order point for various material items; tests those item which are slow moving or gives list for over stock items.

(iv) Sale accounts records

Programming can be done for any sales accounting system. The computer will pin point defaulting debtors, determine the right limit for credit for each debtor and maintain stores ledger.

(v) Costing and budgetary control

Costing and budgetary control can be affected through the computer, the computer will point out the variations from the planned performance.

(v) Production control

The computer also helps greatly in production planning and control. It is possible that scheduling of the work may become necessary due to break downs etc. A new critical path may have to be worked out. A critical path is the shortest path to be followed in production to achieve production objectives. The computer helps the management lay down this new critical path.
Advantages and disadvantages of a computer

A computer is surely advantageous because of the high speed of operation and greater accuracy it provides, savings effected by better managerial control, savings in labor because it is fully automatic and finally because of its flexibility in use. However, there is a considerable capital outlay with difficulty of obtaining experienced analysts and programmers, break down and maintenance troubles and finally fear of obsolescence due to rapid development of computers.

Type of other applications in relation to accounting system

WORD PROCESSOR

It is a software package to help in text processing. Words are processed. Processing includes insertion, deletion changing, moving words, paragraphs etc. Word processing is the preparation of type scripts, using computing facilities for the storage and manipulation of text. For example, word processor has ability to merge name and addresses with standard text so as to give impression that the latter is personalized even in case of circular letter.

HiTech Financial Accounting has got features so that you can export its reports to Microsoft Word, a word processing and Mail Merge Program. You can also write letters to various parties and store the details in the program database.

DATA BASE

It is simple collections of information (data) on a particular subject. Data base file allows you to manipulate the data in desired form. So, data base allows us to work on facts and figures to store and manipulate that data in any desired way. For example, from the same basic information trial balance is prepared; trading and profit and loss account may be prepared; list of debtors and creditors may be prepared; purchases and sales forecast may be made and so on. So, an efficient data-base management is needed to provide flexibility in uses of information.
HiTech Financial Accounting uses MS Access and MS SQL server databases for robust database connectivity.

SPREAD SHEET

It is one of the software programs which have increased the utility of computer for accounting purposes. Spread sheet programs help you to draw vertical as well as horizontal columns on a large sized paper. Each .column's length and breadth can be adjusted according to suitability. Even when columns are once drawn subsequently these can be altered, increased or decreased additional columns can be inserted, existing columns can be deleted. It is very useful for businessmen and professionals. It enables us to study multidimensional data at one sheet and helps in arriving at logical decisions. For example, if profit and loss account has been prepared for the year 1989 and you want a comparison with 1987 figures and 1990 forecast then spread sheet shall enable you to provide two additional columns on each side for inserting 1987 actual figures and 1990 forecast estimates.

HiTech Financial Accounting software can export its report data to Microsoft Excel Worksheet which is an advanced spreadsheet application.

A series of articles are proposed to be written on the topics mentioned in this article.

Computerized Financial Accounting - Methods and Practices - Use of software in Accounting
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The author is an engineering graduate, B.E.(Hons), and is managing his own software development firm Hitech Computer Services that mainly deals in accounting, billing and inventory control software for traders, industries, business houses, hotels, hospitals, medical stores, newspapers and magazines, petrol pumps, automobile dealers, commodity brokers and other business segments. The software are made both for intranet and internet. These software are available for free download from the website:

Evaluation version download is available at http://www.hitech-on-web.com/p10.asp

Copy of the article and full Financial Accounting Primer or Tutorial is available at http://www.hitech-on-web.com/Financial_Accounting_Primer.asp

Visit HiTech Computer Services at http://www.hitech-on-web.com/

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The Importance of Payroll

Payroll plays an important role in the company for several reasons because it keeps the records of the employee salary, bonuses, and increments, etc. Every employee in any country wait for their salary and the companies provide the payroll slips, which include the detail information related to the income of the employee. Every country announces the budget once a year the government employee is much interested in getting the payroll slips to know how much government decide to increase in the salaries.

The software plays an important role for the company in getting rid of the work burden. Many small businesses prefer to the payroll software to keep all information about its employee.

The software provides the company the full records of the employee salaries, and they also deduct the national tax income, and the employee easily check their payroll by using the website of the organization and employee easily print their payroll slips from there or either they can register to complain against payroll in the website.

The Importance of Payroll

There are many payroll agencies provide you the services. They offer the option for managing the employer's tax payments assisting with the tax compliance and labor crisis as well. There are varieties of computerized payroll service agencies makes frauds and theft of the funds so is aware of know that the service agency has a well reputation or not.

Payroll's work needs the management. Payroll's management includes the payroll accounting and payroll administration. The payroll accounting department work is to calculate the earnings of the employees, and the payroll administration deals with managing employee personnel and payroll information.

There are many companies which also provide the payroll system to solve the problems which fulfill the needs of the organization environment of all types of the industries and flexible preparation cycle with complete security.

The Importance of Payroll
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For more information, visit freepayrollsoftware.org. They offer information on payroll software, including how to handle your payroll.

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Federal 941 Payroll Tax Payment Guidelines

Many business owners don't realize how important it is to get payroll tax payments made on time. If a late payment is made, once the IRS catches up to it, the penalties are quite stiff: 10% off the top, plus interest. Try earning that at a bank today! Resist the temptation to pay late, because it's not a money saver, it's a money loser. Plus, penalties are not deductible.

Quick Tip: the IRS uses the term "tax deposit" to mean "tax payment", and uses the term "monthly depositor" or "semi-weekly depositor" to mean "monthly payer" or "semi-weekly payer", respectively.

Determine Your Payment Schedule

Federal 941 Payroll Tax Payment Guidelines

Before you can determine when the tax payment is due, you must first determine if you are a monthly depositor, or a semi-weekly depositor. Which type you are has nothing to do with when or how often you pay your employees. In order to determine which schedule you are on, examine the payroll records during the "lookback period". This period always runs from July 1 to June 30. For 2006, the "lookback period" runs from July 1, 2004 - June 30, 2005. If the amount you withheld for 941 taxes is ,000 or less, you are a monthly depositor. If the amount during that period is more than ,000, you are a semi-weekly depositor.

Monthly Depositor

If you are a monthly depositor, you will pay the taxes by the 15th of the next month. For example, for 941 taxes withheld during August 2006, the payment was due on Friday, September 15. If the 15th falls on a weekend or Federal holiday, the payment is due the next business day.

Semi-Weekly Depositor

If the payday falls on a Wednesday, Thursday, and/or Friday, the deposit is due on or before the following Wednesday. If the payday falls on a Saturday, Sunday, Monday, and/or Tuesday, the deposit is due on or before the following Friday.
The 0,000 Rule

Regardless of which type of depositor you are, if 941 withholdings reach 0,000 or more, a payment is due the next business day, and the semi-weekly deposit rules are in effect going forward.

Payment Methods

You may make payments one of three ways:

The IRS will send you a yellow booklet containing coupons. Fill one out, and take a check to your bank. Be sure to fill out the top stub of the coupon for your records. Use the Electronic Federal Tax Payment System. Visit eftps.com for more information and to sign up. Allow about two weeks for the enrollment process to complete. Other types of taxes can be paid as well, using this system. Find a payroll provider who offers electronic payment of employment taxes, and enroll in that service.
Avoid Costly Penalties

Don't pay late Pay using the correct method Pay the correct amount

These guidelines are for Federal 941 payments only, and are intended for small businesses who have under 0,000 in Federal 941 payroll liabilities. See the Instructions for Form 941, and Circular E for more detail and information.

Federal 941 Payroll Tax Payment Guidelines
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Jennifer A. Thieme is a Certified QuickBooks ProAdvisor who is the author of several eBooks about QuickBooks, called the "Get More From QuickBooks" series:

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Close Your Accounting Books Fast With a Month-End Checklist

The month end close checklist is a system that allows a company to facilitate the end of month accounting department closing process. A comprehensive month end close checklist will contain much useful information that is exhaustive in its detail and may cover the following areas: bank reconciliation, budget versus actual, cash flow analysis, accounts payable, accounts receivable, fixed assets, debt reconciliation and a host of other items.

When using a month end close checklist, it is highly recommended that most small to medium size companies prepare six binders, one each for Accounts Receivable, Sales Orders, Accounts Payable, Purchase Orders, Payroll and General Ledger. The binders should be 3 or 4 inches thick and can be obtained from the office supply stores with each binder having twelve dividers, one for each month. In each of these binders place the completed month-end checklists and month end reports as printed out by the accounting.

Once these procedures are followed diligently, the month end close checklist system will assist the company auditing department, which must provide relevant information to the IRS and to other state tax auditors. In addition, this system acts as a fallback in case of a disastrous system or backup failure.

Close Your Accounting Books Fast With a Month-End Checklist

There are two types of closing checklists. Those that pertain to year end (hard closes) and those pertaining to month end (soft closes) and each is useful in providing managers in the organization with important financial information, especially for internal use. With the growing use of computers, the month end close checklist has now found its way into software packages that automate the whole process for the current month and for the next month.

An important aspect of month end close checklists is the presence of closing process controls which can be either preventive or detective and which are used to produce company financial reports for each month. Usually companies formulate their own regulations to ensure that the procedures that they use are effective and that the reports accurately provide month end information about the financial position of the company. The checklist is there to provide a method of keeping accurate financial records that are both consistent and well maintained.

There are a number of vendors selling month end close checklists that, after a lot of research and expert advice, have been diligently prepared and which take into account all aspects of the company's accounting procedures. The checklist can also be tailored to suit individual needs as required. The cost is not more than ten dollars and the benefit to the user is tremendous as there is no need to do much more than fill in the relevant information and once that is done, the month end close checklist is ready to be used for the individual company's accounting system.

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Wade Anderson is a CPA and operates DigitalWorkTools.com
Legal Forms and Business Documents. Click to view a Month End Close Checklist

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Accounting as a Career - The Skills You Need in Order to Pursue Accounting as a Career

Are you good with numbers, have a keen interest in business management, meticulous, analytical and organized? Then, you might be one of the possible candidates pursuing accounting as a career in your near future. However, simply being good with numbers is not exactly the only requirement to succeed as an accountant.

So what are the other skills you need in order to pursue accounting as a career?

One of the common responses that most employers will look out for candidates applying for accounting as a career will be 'having a strong motivation and the right attitude for the job'.

Accounting as a Career - The Skills You Need in Order to Pursue Accounting as a Career

Besides that, someone who is keen on taking on accounting as a career also need to take into consideration that interpersonal and team working skills are vital on the job. Both oral and written and communication skills are also rated as very important.

You will also need to show that you are able to learn new skills and be an analytical problem solver. The role of an accountant today has far progressed beyond the traditional and stereotypical image of accountants as 'bean-counters'. As such, pursuing accounting as a career will also mean that you have to update yourself in the technology surrounding the business management world.

Although having a high mathematical ability is a plus, however it is not critical that you are highly proficient in mathematical concepts such as trigonometry, calculus and such. It is fairly important to note that you have to be comfortable working with numbers if you decide to pursue accounting as a career.

Accounting as a career can prove to be one of the better career choices for youths to be adaptable to the volatile nature of business management. With a solid accounting background, you will encounter more opportunities to move your career forward in different directions.

Accounting as a Career - The Skills You Need in Order to Pursue Accounting as a Career
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