Category: Bookkeeping

It does not, and should not be construed as, an offer, invitation or solicitation of services to individuals outside of the United States. Your credit utilization ratio is the percentage of your total available revolving credit currently in use. In general, lenders view lower credit utilization ratios more favorably. You must be aware, however, that overpaying doesn’t necessarily guarantee a long-term boost to your score. The best approach is still to manage your credit as responsibly as possible over time. CreditCards.com credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores.

As bankrate.com notes, a small overpayment will do little more than result in a negative balance on your account. However, a significant overpayment may act as a fraud trigger to your card issuer. While most large overpayments are the result of adding an extra digit to the payment amount in error, they can also be seen as a red flag. Significant overpayments are both signs of potential money laundering and refund fraud. If your provider suspects either one, they will freeze your account before proceeding to investigate.

The team represents one-third of the fintechs on Forbes’ Fintech 50 list and is highly ranked by Chambers and Legal 500. Credit card payments are not offered by IRAS directly because of the high transaction costs charged by the credit card service providers. This is to keep the cost of collection low to preserve public funds. A balance transfer fee is what you’ll pay to move your debt from one credit card to another.

How to Handle an Overpaid Credit Card

Even though you sent the money to the card issuer, the money is still technically yours. While overpaying a card isn’t common, it also isn’t as uncommon as you would think. Most credit card companies will be happy to refund you the overpaid amount by sending you a check. All you have to do is contact the company by phone or e-mail and request a check for the balance. An overpaid credit card is typically a temporary problem—you simply don’t have that money in your bank account for a short while. But it can be helpful to understand why overpayments happen, what to do about them and how to avoid them in the future.

While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. One way to avoid overpaying in the future is by enabling autopay on your credit card bill. Many of today’s top credit cards offer this feature, which allows you to set up an automatic payment from an account of your choice to pay your bill. It’s important to note that it is up to the issuer’s discretion how they would like to respond when you request a refund.

Can you use a Personal Loan for Debt Consolidation?

In this scenario, a statement credit is automatically added to your account — as required by federal law — that will count toward any new purchases you make. If you have any questions about how an overpayment affects your account, reach out to your card issuer to learn more about your options, pay your card or ask questions. Our team is led by partners Mike Whalen, Crystal Kaldjob, Kim Holzel, Alex Callen, Danielle Reyes, and Sammy Tang.

If you close your credit card while there is a negative balance, the credit card account issuer must provide a full refund of the negative balance. A balance transfer credit card is an alternative to a personal loan if you still have strong credit. These cards offer a 0% introductory APR on balance transfers for a specific time frame, often up to 18 months. While having 0% interest for several months is helpful, ensure you can repay your debt within the introductory period, or your remaining balance will once again be subject to high interest charges.

• Besides your credit utilization, your total monthly debt payments can also determine whether you have too much credit card debt.
• Overpaying your credit card in itself does not directly impact your credit score.
• If you find yourself carrying credit card debt, you are not alone.
• After all, you can probably put that money to better use in your bank account than you can as a credit on your credit card account.

First-time buyers now start paying stamp duty on the value of homes above £300,000, down from £425,000, while other movers will see this “nil rate” halve from £250,000 to £125,000. When evaluating two cards with similar cost per mile figures, it’s helpful to think of qualitative factors as well. When October 2025 comes round, assuming you make no further manual payment, GIRO will deduct S$500 to put you “back on schedule” with S$6,000 paid off by the end of October 2025. According to your payment schedule, you were supposed to pay S$1,000 in July, so GIRO will automatically adjust to deduct S$600 instead of S$1,000 for that month. Here’s a list of the various payment facilities and the applicable fees. The YA 2025 income tax season is now underway, and individuals will need to file their taxes by 18 April 2025.

If I’ve paid more than the outstanding balance on my credit card, can I receive a refund?

This might be in the form of a direct deposit back into the account you paid your account balance from. This also might take several business days, in which case it might be better to allow the credit card company to leave the credit on your account and use it on a future month’s balance. One way to avoid maxing out your card is to monitor your spending relative to your credit limit. It can be easy to spend more than you realize, especially if you have automatic payments set up and don’t typically log into your online account.

If you would prefer to have your money returned by your issuer, you can request for a refund. Many credit card issuers also allow refund requests by phone or through your online account, but you might have to make a written request, instead. If you’ve overpaid your bill by a small amount, you shouldn’t see any negative effects on your account. Your credit utilization ratio will go down — which can positively impact your credit score — but no more than it would for a standard in-full payment. The quickest way to take care of a negative credit card balance is to utilize that credit on a purchase.

How Long Does Debt Consolidation Stay on Your Record?

• Essentially, you’ll spend down the credit until your balance returns to zero.
• A negative balance resulting from an overpayment is handled by offsetting future purchases against the overpaid amount.
• Merchants that decide to assess credit card surcharges should ensure policies and procedures are in place to be fully compliant with various legal and contractual requirements.
• Setting up autopay for any of these options can insure against overpayment every month.
• If you’ve overpaid your bill by a small amount, you shouldn’t see any negative effects on your account.

That way you can resolve them with the merchant long before your account statement comes due, which helps you avoid overpayments. After overpaying on your credit card, you have a negative balance, which can be managed effectively to possibly benefit your financial health. It is important to address the surplus in your account and learn from the experience to avoid future financial pitfalls. If you pay more than what you owe on what happens if you overpay your credit card your credit card, your account will reflect a negative balance. This means that Your financial institution credits your account with the overpaid amount. Your subsequent purchases will deduct from this credited amount until your balance returns to zero.

They may also automatically issue a refund if the credit remains on your account for a certain period. Regularly checking your statement is a straightforward way to catch mistakes early and avoid concerns such as inadvertently triggering a money laundering investigation for very large overpayments. Remember, diligent oversight is key to managing your finances effectively. If the overpayment was small, most people will simply prefer to do nothing and allow the credit to roll over towards any charges they make or towards next month’s charge. Providing you still use the card or still have an outstanding balance, this is usually the easiest way of dealing with the situation.

No, overpaying your credit card will not increase your credit limit. One of the most common ways to do that is by requesting a credit line increase through your credit card provider. If you overpay a credit card, you’ll end up with a negative balance, the amount of which reflects how much you overpaid. It may sound like a good thing to prepay credit card debt, especially if you are trying to build your credit score, but in reality, a negative balance may not really benefit the card member. Reviewing your credit card activity at regular intervals ensures you flag unusual transactions or billing errors.

What if you find that you have accidentally overpaid your card bill? That’s an easy mistake to make, particularly if you hit the wrong keys during an online payment. We believe by providing tools and education we can help people optimize their finances to regain control of their future. While our articles may include or feature select companies, vendors, and products, our approach to compiling such is equitable and unbiased. The content that we create is free and independently-sourced, devoid of any paid-for promotion.

Ask for a check

And if you have a negative balance on a card, that card will not raise your credit utilization ratio. If you end up with an overpayment on your credit card, you’ve got a few options. The best choice comes down to how quickly you need the money back. Another way these payment errors can happen is if you make a manual payment too close to an automatic payment.

These current assets on your balance sheet serve as a key indicator of its financial health and liquidity, directly impacting your operating cycle. Payment Links can also be embedded into invoices created through your accounting software, speeding up your collections. With Airwallex’s Xero Invoice Payments integration, customers can pay invoices instantly using their preferred method, including credit cards, Apple Pay, and Google Pay. This reduces reliance on manual bank transfers, speeds up collections, and improves cash flow.

Processing customer payments and credits

While both of these accounts deal with money owed, there are significant differences between the two. In summary, accounts receivable are what a company is due to receive from its customers, while accounts payable are what a company owes to its suppliers. These two components are integral to a company’s working capital management, with the goal of optimizing cash flow and financial stability. Accounts receivable refers to money owed to your business, but it’s not the same as revenue. In accrual accounting, revenue is recorded assets = liabilities + equity when goods or services are delivered, even if the customer hasn’t paid yet.

• They should also have clear policies and procedures for issuing invoices, following up on overdue payments, and handling disputes.
• The accounts receivable balance represents the total amount of money a business is owed for goods or services provided but not yet paid for.
• If the terms of the agreement allow for it, a note receivable may allow the seller to attach the assets of the customer and gain payment by selling the assets.
• When an entity makes a sale and agrees that the customer pays at a later date, the company will issue an invoice with payment terms.
• Accounts payable are funds typically related to goods or services used, which don’t carry interest.
• At a high level, an accounts receivable clerk links the finance department with sales and operations, making sure that the goods and services provided to customers become actual cash flow.

Key Parts of Accounts Receivable Management #

• The average AR days measure is an important part of forecasting changes in non-cash working capital in financial modeling.
• This is an especially useful tactic when a competitor decides to reduce the amount of credit offered, so that a firm offering more credit is in a good position to attract them.
• Until the customer pays, the amount remains as accounts receivable on the company’s balance sheet.
• A company with a high amount of Account Payable and low amount of Account Receivable may indicate financial difficulties.

This process follows the principle of double-entry bookkeeping, where two accounts are always affected—one debited and one credited. Accounting software automates invoice tracking, sends reminders, generates aging reports, and integrates with payment gateways. This reduces manual work, prevents errors, and improves overall cash flow management. When a company gives credit to its customers, it lets them get goods or services right away. Accounts receivable is the amount of money that a company is owed by its customers for goods or services that have been provided but not yet paid for.

Tips for improving A/R management

This action increases the business’s outstanding balance, reflecting the amount owed by the customer. At the same time, the business credits sales revenue, acknowledging the income earned from the sale of goods. When a business makes a credit sale, it records the transaction through an accounts receivable journal entry.

The easiest way to deal with this is to write off the debt as uncollectable. When you know that a customer can’t pay their bill, you’ll change the receivable balance to a bad debt expense. When recording Restaurant Cash Flow Management accounts receivable, you want to post the revenue in the month you earn it.

Generating AR reports and analytics

When the seller receives a cash payment from the customer, what does accounts receivable mean the entry is a debit to the cash account and a credit to the accounts receivable account, thereby flushing out the receivable. A strong accounts receivable (AR) process keeps cash flow steady and operations running smoothly. But manual invoicing, payment tracking, and collections slow businesses down.

What does accounts receivable mean and how does it work?

Payments are automatically reconciled within your accounting platform, eliminating manual tracking and ensuring a well-functioning AR process. When you receive a payment, it’s important to apply it correctly to the customer’s outstanding balance. This process can be time-consuming, especially with a high number of transactions.

• Company bookkeeping may require your firm to post dozens of receivable transactions each week.
• To calculate it, divide your net sales by the average AR balance for a specific period.
• This post covers everything you need to know, whether you’re expanding your company’s finance and accounting team or thinking about becoming an accounts receivable professional yourself.
• The accounts receivable classification is also comprised of non-trade receivables, which is a catchall for any other type of receivable.
• If a customer is very late in paying, you don’t need to jump straight to writing the money off.
• The accounts receivable aging report breaks down your outstanding invoices by how old they are.

If a company aggressively extends credit or mismanages receivables, it may overstate its sales and profits. This can mislead stakeholders about the true financial health of the business. A seller may find that its customers cannot pay their receivable balances when due, in which case an option is to convert these receivables into notes receivable. In a notes receivable arrangement, the customer agrees to a specific repayment schedule, typically with an interest charge added on. If the terms of the agreement allow for it, a note receivable may allow the seller to attach the assets of the customer and gain payment by selling the assets.

Fields like education (e.g., teaching English), healthcare, social work, and other sensitive professions often require a fresh background check before hiring. This check ensures that employees meet a high standard of safety and ethical conduct. This guide will walk you through the essentials of obtaining background checks from abroad, highlighting specific steps for U.S. citizens (including how to request an FBI background check) and considerations for nationals of other countries. We’ll also cover the official forms you’ll typically need—like the standard FBI fingerprint form (FD-258)—and how to address potential hurdles such as fingerprinting, apostilles, and mailing documents internationally.

Custom Checks Available

These services can run from around $20 up to $60 or more for a monthly subscription. US Search, like all people search services, uses publicly available records from across the U.S. to create its reports. Searches yield basic background information along with financial information (such as assets and real estate holdings), bankruptcies, civil actions, and criminal and traffic records. The user interface for its individual accounts is a little clunky, but the results are easy to read.

• As previously stated, not all checks are equal, and the more sensitive information you want to access, the stricter the regulations.
• A pre-employment background check can show a person’s credit history, education, driving records along with public records, such as civil or criminal litigation, tax liens, judgments, bankruptcies and more.
• Background check software is a digital tool that helps businesses verify a candidate’s history before making a hiring decision.
• The best background check services for individuals are easy-to-use with clear pricing and a variety of search options.
• Partnering with a trusted CRA, like GoodHire, may help employers save on background check prices and overhead.
• You can see examples of company branding when you fill out an electronic employment application for larger employers.
• But the employer cannot conduct background checks or use the information obtained in a manner that denies equal employment opportunity to anyone on a protected basis, by intent or by unlawful disparate impact.

Join Thousands of Employers Who Trust GoodHire for Background Checks

Other specialty consumer reporting agencies may charge you a fee for your report. A. Yes, platforms like Deel and HireRight specialize in international background checks, making them ideal for global talent acquisition. Some charge per background check (starting around $30 per report), while others offer monthly or annual subscriptions for high-volume hiring. A. The best background check software for small businesses depends on affordability, ease of use, and compliance. Checkr and Certn are excellent options due to their automation and cost-effective pricing. Its wide international coverage and diverse screening options also make it a strong choice.

Searching for others on PeopleLooker isn’t limiting to inputting names and addresses. Searching for results on social media and through satellite imaging are two examples of the kind of comprehensive approach PeopleLooker takes to background checks. The search also includes family members’ names, which is helpful for those seeking to reconnect with family members, for example.

Identity-First Services

Candidates may want to see what may show up if a prospective employer runs a background check. Or, in certain cases, employers may ask a candidate to provide certified background check reports, like an MVRs. How to run a background check on yourself for employment varies, depending on the type of records needed and how the search is conducted. Many employers now use third-party consumer reports to make employment decisions about their current workers as well. These reports increasingly extend beyond traditional background checks and may encompass a wide range of information and assessments about workers. Employers must obtain worker consent, provide transparency about consumer reports used in adverse decisions, and allow workers to dispute inaccurate information.

Get started on a background check with Checkr

Background check timelines vary based on the complexity of an individual’s history and external factors. While most screenings finish within 2-5 business days, understanding potential delays helps both employers and candidates prepare accordingly. Staying proactive, ensuring accurate information, and partnering with a trusted background check provider can streamline the process while maintaining compliance. How to run employment background checks will depend if you choose to conduct searches on your own or partner with a consumer reporting agency (CRA), like GoodHire.

• How to run a background check on yourself for employment varies, depending on the type of records needed and how the search is conducted.
• The idea of the federal government sending out checks to the American public is not a new one.
• Certain states and cities restrict the use of credit checks for employment decisions unless the role justifies financial screening.
• “By all means — go after any improper payments that are found, but let’s not pretend that’s where the system’s biggest financial problems are,” he said.
• This company is a good option for small businesses given it allows clients to pay per screening if the client runs 10 checks or less a year.
• Small and medium-sized businesses can purchase single criminal background checks through HireRight’s self-service option.
• US Search offers a people search tool that accesses billions of public records.

This can be both expensive and frustrating if you no longer desire or can’t afford to keep the service. Checking out someone’s background before hiring them can help you learn more about that person’s character and determine whether they will be a good fit for the company, as well as reduce employee turnover rates and liability risks. Ownerly is not accredited by the Better Business Bureau, but earns a B rating from that organization. Trustpilot reviewers go so far as to call the company a scam, with many reviews citing trouble with being billed after they canceled the service. However, there are no complaints against Ownerly in the  Consumer Financial Protection Bureau database. Ownerly also serves as a gateway to educational information on buying and selling homes and services related to homeownership.

Step 2: Understand Legal Compliance

Below is a breakdown of the most common components of a background check and how long they generally take. It’s important for employers to communicate with candidates about your background check process so they know what to expect. Be open with your candidates about why you’re conducting the background check, and encourage openness in return. Let the candidate know that they’re welcome to see their background check results, dispute any inaccurate information, and add comments in writing, or speak with you, to explain any alerts. Candidates have rights under the FCRA, as described in the document A Summary of Your Rights.

Like most people search companies, Intelius allows its users to find others by entering a few details, such as the searched person’s name and last name, city or state. You background check can see examples of company branding when you fill out an electronic employment application for larger employers. Attract top-notch talent by demonstrating how technologically sophisticated you operate, even if you only have 10 employees.

After reviewing the invoices for correctness, we will send the digital invoices to your clients for payment. I have been using Salim’s services for over 4 years and haven’t had any issues. His rates are very reasonable and always get all my business accounting completed before deadline. Managing assets and their depreciation is an important part of bookkeeping. We provide thorough asset reporting, so you can easily track the value of your investments over time.

• This role will support internal controls, finance policies, and system improvements.
• You can release some more of your time to concentrate on your business and get your accounts completed for you.
• Unlike our competitors, we are aware of the differences between accountants and bookkeepers, and we will provide services customized to your organizational objectives.
• We provide bookkeeping services to clients from nearly every industry using cloud technology.
• Whether you need ongoing bookkeeping support or assistance with a one-time project, we offer flexible pricing options and customized plans.

First Time Free Consultation

Suppose you are searching for a bookkeeper in Vancouver, Bookkeeper Langley, and Bookkeeper Surrey. In that case, it will be possible for you Legal E-Billing to come across a qualified person by contacting a local accounting company. Our Maple Ridge manufacturing client is seeking a Cost Accountant to join their busy team.

Serving Small and Mid Size Businesses in Greater Vancouver

We provide bookkeeping services to clients from nearly every industry using cloud technology. Let us take care of the bookkeeping, so you can focus on growing your business. You provide us with your books, QuickBooks and we’ll provide you with a streamlined system to simplify your accounting.

General Accounting News & Tips

If you want to drop off your bookkeeping on a Saturday we can make arrangements for that. If you want it picked up on a Sunday, we can make arrangements for that. There are programs available that allow us to do this 100% virtually. Salim assisted in catching up my books, and has been really helpful and patient in explaining things, We now have a clearer picture of our financial situation, I would highly recommend. Whether you’re a small local startup or an expanding e-commerce business, accurate bookkeeping is crucial. At Maje Accounting, we pride ourselves on offering tailored, full-service bookkeeping solutions that cater to your unique business needs.

The ideal candidate will have a strong accounting background, pensions and benefits administration skillset, and payroll expertise. Join a reputable company in Vancouver and take your career to the next level! This highly sought-after opportunity will allow you to expand your expertise in financial operations, gain hands-on experience with IFRS reporting, and collaborate with industry leaders. • Prepare and analyze financial statements, ensuring accuracy and compliance with accounting standards. Accounting can often feel like a time-consuming burden for business owners. However, managing your books isn’t just about keeping records—it’s an essential part of ensuring your business stays compliant, makes data-driven decisions, and grows effectively.

• • Lead and manage review engagements, ensuring compliance with ASPE (Accounting Standards for Private Enterprises).
• Whether you’re a small local startup or an expanding e-commerce business, accurate bookkeeping is crucial.
• The Property Accountant will be responsible for managing financial transactions and reporting for a portfolio of residential properties.
• Our company functions as the virtual back office of our customers for all their accounting and bookkeeping work ranging from support, setup, consultancy, and maintenance to accounting.
• We understand running your own business can be very time consuming and completing the accounts can be the last thing that you want to do.
• Our packages are more cost-effective than hiring an employee since you won’t incur employer CPP and EI contributions.

• If you are self-employed Individuals, Vancouver Bookkeeping can even take care of your bookkeeping needs and help you plan your taxes.
• Our Maple Ridge manufacturing client is seeking a Cost Accountant to join their busy team.
• Please tell us a little about yourself and what you are looking to achieve, and our client care specialist will be in touch promptly to discuss your options.
• We’ll reconcile your account transactions with your statements, saving your invoices and receipts in the cloud.
• As your experienced bookkeeper, we’ll find ways you can save and keep you updated with accurate and meaningful information anytime you need it.
• As we grow, we are looking for a Senior Accountant to join our dynamic team and contribute to our financial accuracy and efficiency.

We offer you nothing but the most suitable bookkeeping package. Depending bookkeeping services vancouver on the type of business you have, whether or not you are going solo on it, and whether you are new or old – our bookkeeping services adapt accordingly. We will follow up carefully with all outstanding invoices and ensure steady and predictable cash flow.