Learning Accounts
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Transcript

  • 1. Learning Accounts Common Mistake in books of Accounts
  • 2. Typical Errors in main File – You will notice >>>
    • Dates
    • Description
    • Debit / Credit Heads
    • Debit / Credit Details
    • Order Nos
    • Duplicate entries
    • Wrongly associated names
  • 3. Wrong Entries - Dates
    • This mistake is caused due to
    • Entering date in place of month & otherwise
    • You try to enter the date the way it appears
    • You ignore year of date
    • You enter the date through @ today() , @now() functions
  • 4. Wrong Entries - Description
    • If you sort main accounts file on debit to field, you will laugh at different descriptions written by you for same account heads
    • Think of A uniform short and understandable description and use it. For guide line, check the file after sorting it on Debit to field
  • 5. Wrong Entries – Debit & Credit Heads
    • This is due to reason that you trust your memory more than written copy available in the form of Trial balance while making account entry.
    • This is also due to reason that when you have a doubt about any account head, you prefer to enter wrong code, rather than seek a clarification.
  • 6. Wrong Entries – Debit & Credit Details
    • You think the job of entering the details other than Date, Description, Debit & credit to, is of the person who checks the accounts, As for as you are concerned, you did not miss an entry.
    • You do not bother about numeric or character nature of this fields and keep entering the details.
  • 7. Wrong Entries – Order Numbers
    • You enter starting with S, A, K etc., Old habits die hard.
    • You just do not bother about it.
    • You may have to break the entry into two entries and calculate, why bother?
    • You think order number could be entered subsequently, Why Seek A clarification now,
  • 8. Wrong Entries – Duplication
    • Example 1
      • Voucher 1 cheque received by JL
      • Voucher 2 Cheque Deposited by AS
    • Example 2
      • Voucher 1 Material Received By Store AS
      • Voucher 2 Invoice Received by Office JL
    • Example 3
      • Record is appended twice by AP due to Mistake of Excutive or AP
  • 9. Wrong Entries – Wrong name
    • The only reason for this is you just do not bother.
  • 10. Conclusion
    • Think – Do we need a 5 K Accountant ?
    • Think – Can you make sure that at least your vouchers are accurate ?
    • Think – By careless Voucher entry, you, instead of helping, creating unproductive work?
    • Think - Does it Affect Marketing ?
    • Think – Does it Affect your Pay packet ?
    • Think – does it affect your family ?
    • Think – What are you thinking now ??