Learning Accounts

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Learning Accounts

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

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