Accounting for compensated absences

Compensated absence is as the name implies, the employer’s offering of time off with pay to employees. As the employee prepares for how they will use their time off an employer must also account for it properly regardless how the employee uses that time. As stated from GASB Statements 16 and 34, governments must account …

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Understanding prepaids and accounts payable

Let’s be honest, accounting can sometimes be a challenge. But what makes it difficult? Not understanding the fundamentals of how accounts work, without understanding the relationships and purpose of each account, nothing will make sense! So, today, Henry+Horne is here to help you understand the difference between prepaids and accounts payable. First, let’s make it …

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