General ledger is a complete record of all company financial transactions. Contains five main categories: assets, liabilities, equity, revenues, expenses. Uses chart of accounts for standardized transaction organization
Form establishes foreign status for tax withholding and reporting purposes. Foreign persons must provide Form W-8BEN to withholding agents or payers. Form must be provided before income is paid or credited. Failure to provide may result in 30% withholding or backup withholding
COA is an index of all financial accounts in company's general ledger. Lists financial transactions by category and line item during accounting period. Provides clear view of company's financial health to investors and shareholders
Bank reconciliation compares company's accounting records with bank account balances. Statement shows reasons for any discrepancies between two records. Helps detect errors, fraud, and manage financial risks
Liabilities represent future cash outflows from third-party obligations. Balance sheet shows liabilities, assets, and shareholders' equity sections. Total Liabilities = Total Assets - Total Shareholders' Equity
Notes payable are written promissory notes for borrowing money with interest. They represent long-term liabilities, current liabilities within 12 months. Notes differ from accounts payable with formal written agreements