1. Setup and Migration

True Reckoner Advisory Services (TRAS) provide assistance in setting up new books or migration of old books to a new environment. Services TRAS perform:

• Assist in procuring appropriate accounting software as per the nature and need of the business;
• Assist in setting up of the company/business to a relevant software;
• Setup the accounting method applicable to the business – cash or accrual basis;
• Setup the business bank and credit card accounts;
• Setup the vendor/customer accounts;
• Migrate data of the old books into a new accounting environment;

2. Charts of Accounts

Chart of accounts is a list of accounts available for recording transactions in a company’s general ledger. Services TRAS perform:

• Compile a list of accounts based on the nature of activities performed by the management;
• Assign coding differentiated by Balance Sheet and Income Statement items;
• Create COA in the relevant software for recording purpose;

3. Categorization/Classification

Categorization and Classification is the act of sorting and organizing finacial transactions according to their nature, value, and type. Services TRAS perform:

• Identify the nature of the transaction and classify it to revenue, expenses, assets, or liabilities;
• Prepare classes for each revenue centers and categorize the revenues and expenses to each classes;

4. Reconciliation

Reconciliation is the process of checking that two sets of records are in agreement. Reconciliation is used to check that the money leaving or coming into an account matches the same money spent or received. This is done by making sure the balances match at the end of a particular financial period. Services TRAS perform:

• Extracting statement and matches it with the account ledger in the books;
• Prepare list of transactions occur in one period but clear in the next period;

5. Accounts Receivable (AR)

Accounts receivable (AR) is the balance of money due to a enterprise for goods or services delivered or used but not yet paid for by clients. Accounts receivables are listed on the balance sheet as a recent asset. AR is any quantum of money owed by clients for purchases made on credit. Services TRAS perform:

• Sales order processing;
• Invoicing and Billing;
• Invoice reconciliation with payment;
• Monthly open balance statement to the customer;
• Debtor Aging Report;
• Payment follow-ups;
• Credit Memo processing;
• Bad Debts/Delinquency Management;

6. Accounts Payable (AP)

Accounts Payable (AP) are quantities due to brokers or suppliers for goods or services entered that haven’t yet been paid for. The sum of all outstanding parts owed to brokers is shown as the accounts outstanding balance on the balance sheet as a current liability. Services TRAS perform:

• Purchase order (PO) processing;
• Tab processing and workflow;
• Suspect Duplicate Analysis;
• Disbursement Service;
• Month- end reporting;
• Broker account reconciliation;
• Broker data management;

7. Payroll Accounting

Payroll accounting involves recording of employees compensation including gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees, withholding of payroll taxes such as federal income taxes, Social Security taxes, Medicare taxes, state income taxes (if applicable), withholding for the employee’s portion of health insurance premiums, employees contributions to savings plans, employer’s portion/expense for Social Security taxes, Medicare taxes, state and federal unemployment taxes, employer’s a portion/expense of fringe benefits such as health and dental insurance, paid holidays, vacations and sick days, pension and savings plan contributions, worker compensation insurance, and etc. Services TRAS perform:

• Setting up of payroll;
• Attendance Management;
• Processing of payroll;
• Disbursement of payroll;
• Compliance with payroll laws;
• Accounting of payroll;
• Payroll Reporting;

8. Inventory Management

Inventory management is the process of managing inventories from raw materials to finished products. Inventory management tries to efficiently streamline inventories to avoid both gluts and shortages. Services TRAS perform:

• Setting up of products (raw material or finished goods);
• Assigning of stock-keeping unit (SKU) codes for each product;
• Setting up of re-order quantity and account for new inventory using a purchase order;
• Inventory adjustments on sale of any products;
• Reconcile physical inventory report at the period end;

9. Year End Adjustments

Year-end adjustments are the entries posted in the financial statement at the tax period ending in order to reflect the true and fair view of the Income statement and Balance Sheet before it is distributed to the user of financial statements. Services TRAS perform:

• Depreciation adjustment as per relevant laws;
• Inventory Adjustments;
• Accrual of revenues/expenses;
• Prepayment of expenses;

10. Financial Review

A financial review is an activity to identify errors, inconsistency, anomalies, and compliance issues in the financial reports at period end. Services TRAS perform:

• Variance Analysis;
• Ratios Analysis;
• Budget Compliance;
• Transactions Review;
• Pie Charts and Graphical Review;