Kas & Setara Kas | MOOC | Materi Akuntansi Perpajakan Seri 2

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30 Aug 202310:52

Summary

TLDRIn this educational video, Prinita Nanda Sumarsono discusses the concept of cash and cash equivalents in the context of accounting for taxation. She explains that all companies hold cash and cash equivalents, which are essential for operational financing. Cash includes both local and foreign currencies, while cash equivalents are typically bank deposits or checks. The script covers the accounting entries for cash transactions, the use of imprest and fluctuating fund systems for petty cash, and the importance of bank reconciliation. It also touches on common discrepancies between company records and bank statements, such as outstanding checks and bank errors, and briefly mentions tax regulations in Indonesia related to cash and cash equivalents.

Takeaways

📘 The video is a lecture on accounting for taxation, focusing on the topic of cash and cash equivalents.
💼 Cash and cash equivalents are assets that all companies possess and are typically used to finance operational activities.
💵 Cash refers to the actual money a company holds, which can be in the form of local or foreign currency.
🏦 Cash equivalents are cash-like assets, usually specific types of bank deposits or short-term investments.
📋 Transactions involving cash are recorded immediately when received or paid out by the company.
📊 The measurement of cash and cash equivalents is based on their nominal value at the time of the transaction.
📝 Cash and cash equivalents are recorded in the cash receipt journal for income transactions and the cash disbursement journal for expenses.
🧾 They are usually presented in the financial statements, specifically on the asset side of the balance sheet.
📅 An example is given of a cash transaction on January 1, 2023, where an initial capital contribution of 100 million is made to the company.
🔍 Two methods for accounting for petty cash are discussed: the imprest fund system and the fluctuating fund system.
🔄 Reconciliation of bank statements is an important process to ensure the company's cash balance matches the bank's records, addressing any discrepancies due to various reasons such as deposits in transit or outstanding checks.

Q & A

What is the main topic discussed in the video script?
-The main topic discussed in the video script is cash and cash equivalents in the context of accounting for taxation.
What is the definition of cash according to the script?
-Cash is defined as the actual money owned by a company, which can be in the form of Rupiah or foreign currency.
What are cash equivalents as mentioned in the script?
-Cash equivalents are usually specific types of cash that a company owns but are kept in a bank, such as in the form of deposits, giro accounts, and other bank accounts.
How are cash and cash equivalents typically used by a company?
-Cash and cash equivalents are typically used by a company to finance its operational activities.
What is the accounting treatment for cash transactions when a company receives or pays out cash?
-When a company receives or pays out cash, the transaction is directly recorded, and the measurement is done according to the nominal value of the cash received or paid out by the company.
Where are cash and cash equivalents usually recorded in financial statements?
-Cash and cash equivalents are usually presented in the financial statements, specifically on the balance sheet, under the assets section.
What is an example of a transaction involving cash that is mentioned in the script?
-An example given in the script is a deposit of initial capital in cash from Mr. A to the company amounting to 100 million, which is recorded as an increase in cash and an increase in the company's capital.
What is petty cash and how is it typically used?
-Petty cash is a small amount of money that a company keeps on hand to finance daily operational activities, such as paying for parking, buying fuel, and purchasing office supplies.
What are the two methods mentioned for recording petty cash and how do they differ?
-The two methods mentioned are the imprest fund system, where the petty cash is recorded at a consistent nominal value from one period to the next, and the fluctuating fund system, where the petty cash amount can fluctuate based on the company's needs.
What is bank reconciliation and why is it performed?
-Bank reconciliation is the process performed at the end of a company's period to match the nominal or balance of cash between the company's records and the bank's records to ensure accuracy.
What are some common causes of discrepancies between a company's cash records and the bank's records during bank reconciliation?
-Common causes include deposits in transit, outstanding checks, cash not deposited into the bank, bank charges not recorded by the company, and human errors in recording.
How does the script describe the tax regulations in Indonesia regarding cash and cash equivalents?
-The script mentions that there is no difference between commercial accounting and tax accounting in Indonesia regarding cash and cash equivalents; tax regulations mainly highlight the addition of income or economic capacity received by the taxpayer, especially in the form of cash and cash equivalents.

Outlines

00:00

💼 Cash and Cash Equivalents in Accounting

The first paragraph introduces the topic of cash and cash equivalents in the context of accounting and taxation. It explains that all companies possess cash and cash equivalents, which are assets used to fund operations. Cash is the actual money in hand, while cash equivalents are special funds kept in banks, such as deposits or giro accounts. The paragraph also discusses the accounting entries for cash transactions, including the use of journals for recording cash receipts and payments. An example is provided where an initial capital contribution of 100 million is recorded by debiting cash and crediting the capital account, reflecting an increase in both.

05:00

📋 Methods of Petty Cash Accounting

The second paragraph delves into the management of petty cash, a small amount of money set aside for daily operational expenses. It outlines two common methods for accounting for petty cash: the imprest fund system, where the petty cash amount is recorded at a consistent nominal value from one period to the next, and the fluctuating fund system, where the petty cash amount is adjusted based on actual needs. The paragraph provides examples of accounting entries for both methods, including the recording of expenditures and the replenishment of petty cash. It also touches on the process of bank reconciliation at the end of an accounting period to ensure the company's cash balance matches the bank's records.

10:01

🏦 Bank Reconciliation and Tax Implications

The final paragraph discusses the process of bank reconciliation, which is performed to identify and resolve discrepancies between the company's cash records and the bank's statements. It lists common causes of such differences, including deposits in transit, undeposited cash, bank interest and fees, outstanding checks, and customer checks that have been rejected by the bank. Additionally, it addresses the tax implications related to cash and cash equivalents in Indonesia, emphasizing that for tax purposes, the focus is on the increase in income or economic capacity received by the taxpayer in the form of cash and cash equivalents.

Mindmap

Keywords

💡Cash and Cash Equivalents

Cash and cash equivalents are assets that a company has on hand to finance its operations. In the script, it is mentioned that all companies definitely own cash and cash equivalents, which are typically used for operational expenses. Cash refers to the actual money a company holds, either in local currency or foreign currencies, while cash equivalents are highly liquid investments that can be quickly converted to cash, such as bank deposits or checks. The video discusses how these are recorded in a company's financial transactions and their importance in accounting.

💡Accounting

Accounting is the process of recording, summarizing, and reporting financial transactions. It is the main theme of the video, which focuses on how to account for cash and cash equivalents in a company's financial statements. The script provides examples of how transactions involving cash and cash equivalents are recorded in a journal, such as when a company receives or pays out cash.

💡Journal Entry

A journal entry is a record of a financial transaction in a company's books. The script explains that cash and cash equivalents are recorded in the journal upon receipt or payment. For instance, when a company receives an initial capital contribution in cash, it is recorded as a debit to cash and a credit to the capital account.

💡Impress Fund System

The Impress Fund System is a method used to account for petty cash. In the script, it is described as a system where the petty cash amount is recorded at its nominal value consistently from one period to the next. The system is used to manage small amounts of cash for day-to-day operational expenses, and any expenditures related to petty cash are recorded when the cash is replenished.

💡Fluctuating Fund System

The Fluctuating Fund System is another method for accounting for petty cash, as mentioned in the script. Unlike the Impress Fund System, the Fluctuating Fund System allows for the petty cash amount to vary based on the company's needs. The script provides an example where the company adjusts the nominal value of petty cash based on whether the previously budgeted amount was insufficient or excessive.

💡Bank Reconciliation

Bank reconciliation is the process of comparing a company's cash records with the bank's records to ensure they match. The script discusses the importance of this process at the end of an accounting period to identify any discrepancies, such as deposits in transit, outstanding checks, or bank errors, which could affect the accuracy of the company's financial statements.

💡Deposit in Transit

Deposit in transit refers to funds that a company has deposited into a bank account but have not yet been recorded by the bank. The script uses this term to explain one of the common reasons for discrepancies during bank reconciliation, where the company's records show the deposit, but the bank's records do not.

💡Outstanding Checks

Outstanding checks are checks that a company has issued but have not yet been cashed or deposited by the recipient. In the script, outstanding checks are mentioned as a cause of differences between a company's cash records and the bank's records, as the company may have recorded an expense, but the bank has not yet recorded the withdrawal of funds.

💡Bank Interest and Bank Fees

Bank interest and bank fees are financial transactions that can affect a company's cash balance. The script explains that these items may be recorded on the bank's books before the company records them, leading to discrepancies during bank reconciliation. For example, the bank may have recorded interest earned or fees charged, but the company has not yet adjusted its records to reflect these changes.

💡Human Error

Human error refers to mistakes made by individuals when recording financial transactions. In the context of the script, human error is cited as a potential cause of discrepancies between a company's cash records and the bank's records, such as incorrectly recording an amount or misplacing a decimal point.

💡Taxation

Taxation is the process by which a government collects revenue from individuals and businesses. The script briefly touches on the topic of taxation in Indonesia, noting that there is no difference in the accounting treatment of cash and cash equivalents between commercial accounting and tax accounting. The focus for taxation is on the increase in income or economic capacity received by the taxpayer, particularly in the form of cash and cash equivalents.

Highlights

Introduction to the topic of cash and cash equivalents in the accounting taxation course.

Cash and cash equivalents are definite assets owned by all companies.

Cash is the actual money a company possesses, in local or foreign currency.

Cash equivalents are specific types of cash, usually held in banks, like deposits or giro accounts.

Cash transactions are recorded immediately upon receipt or payment.

Measurement of cash transactions is based on nominal value.

Cash and cash equivalents are recorded in the cash receipt journal for receipts and cash disbursement journal for payments.

Example of cash transaction recording: Initial capital deposit from Mr. A to the company.

Accounting treatment for the increase in cash and capital due to the initial capital deposit.

Explanation of petty cash and its use for daily operational activities.

Two methods for recording petty cash: imprest fund system and fluctuating fund system.

Impress fund system records petty cash at a consistent nominal value across periods.

Fluctuating fund system allows for adjustments in petty cash based on needs.

Accounting entries for imprest fund system during petty cash transactions.

Accounting entries for fluctuating fund system, recording every petty cash expense.

Bank reconciliation process to match company's cash balance with the bank's records.

Common reasons for discrepancies in bank reconciliation, such as deposits in transit or outstanding checks.

Tax implications in Indonesia regarding cash and cash equivalents, focusing on the addition of economic income received in cash.

Conclusion and hope for the material to be beneficial for the audience.