Bookkeeping Success
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The document provides guidance on proper bookkeeping practices including organizing paperwork into relevant sections, setting up a chart of accounts in a logical order, entering transactions regularly such as weekly, and reconciling statements monthly. It also discusses the importance of financial statements like the balance sheet and income statement, as well as bookkeeping for payroll, taxes, and following best practices like using templates and getting help when needed.
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The document defines what a journal is and describes the different types of accounts. It then provides more details about each type:
- A journal is a book of original entry where transactions are first recorded before being posted to ledgers. It defines three types of accounts: personal, real, and nominal.
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3) Key transactions like generating revenue increase owner's equity, while expenses and owner withdrawals decrease owner's equity.
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The document is a presentation about maximizing Quickbooks. It provides an overview of setting up and using key Quickbooks features such as the chart of accounts, lists, reports, automation, and benchmarking. It discusses automating billing, invoicing, and payments. It also covers customizing reports, using classes to track different business units or departments, and benchmarking a business against competitors. The presentation aims to help users better utilize Quickbooks tools to improve business performance through better measurement and decision making.
Financial projections 2011 hu
The document provides an overview of a class on financial projections and entrepreneurial studies. It discusses understanding personal financial obligations, preparing basic financial sheets like income statements and balance sheets, accounting terminology, business record keeping requirements, and calculating basic financial ratios. Students are expected to learn how to prepare a personal budget, understand minimum living expenses, grasp basic accounting concepts, and know what financial records are required to be kept and how to maintain them properly.
Accounting cycle
The accounting cycle is the process by which accountants prepare financial statements for an entity over a period of time. It involves analyzing transactions, journalizing them, posting to ledger accounts, adjusting entries, preparing a trial balance and financial statements, and closing entries. Key steps include journalizing, posting, preparing a trial balance, adjusting entries, and financial statements.
Basic Accounting
This document discusses accounting concepts related to types of accounts, transactions, and journal entries. It covers the four main types of accounts - assets, liabilities, income, and expenses. It also discusses the differences between capital and revenue expenditures, and how to classify transactions as affecting personal, real, or nominal accounts. The document provides examples of journal entries and explains the rules for debiting and crediting different types of accounts.
Pest Control Service Module
This document describes a cash basis accounting system for pest control service providers implemented in Tally.ERP9. It allows users to create invoices for services without recording them initially, generate outstanding reports, and automatically post revenue when payment is received. Key features include creating different invoice types and using subforms to include service descriptions. Reports like bank book, cash book, outstanding ledgers, sales/purchase registers, and tax computations are generated. The solution aims to simplify cash basis accounting while maintaining compliance. License costs for the Tally.ERP9 single and multi-user versions including the pest control module are provided.
New accountingbasicspart1
This document provides an introduction to accounting basics, including accrual accounting, double-entry accounting, debits and credits, journals, ledgers, and the chart of accounts. It explains that accounting records all business transactions and prepares financial statements. A double-entry system requires at least two accounts for each transaction to balance. Transactions are first recorded in journals and then posted to the applicable ledger accounts.
Fin. Accounting.ppt
Accounting involves recording, classifying, and summarizing financial transactions and events. The objectives of accounting include maintaining business records, ascertaining profit/loss, determining financial position, and providing information to internal and external users. The fundamental accounting equation shows that assets equal liabilities plus capital. Key accounting concepts include money measurement, entity, going concern, cost, dual aspect, periodicity, prudence, and realization. Accounting conventions include matching revenues and expenses, consistency, and materiality.
| Accounting Cycle | Double Entry Accounting | Basic Accounting Equation | 8 ...
Principles of accounting, the accounting cycle, double entry accounting, debits and credits, basic accounting equation, ownership structure, steps in accounting cycle, transactions and events, journalizing, techniques of journalizing, posting, trial balance, adjusting entries, classes of adjusting entries, adjusted trial balance, preparing financial statements, closing entries, post-closing trial balance
Chapter TwelveSmall Business Accounting Projecting and Evalua.docx
Chapter Twelve
Small Business Accounting: Projecting and Evaluating Performance
Copyright 2021 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Because learning changes everything.®
Why Accounting Is Important for Small Business Success
There are several reasons.
You must provide specific accounting information in order for investors to consider funding your concept.
Bankers require formal financial statements for any type of loan.
You cannot fully know your business without accounting information.
Planning and controlling require accounting information.
There are three types of accounting you will need in your business.
Financial accounting is formal, rule-based accounting principles.
Managerial accounting is intended for planning, directing, and controlling a business.
Tax accounting is based on governmental requirements.
© McGraw-Hill Education
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Financial Accounting
Financial accounting is based on a set of rules called generally accepted accounting principles (GAAP) and reports:
How profitable the business is.
The value of the firm’s assets and who has claim to that value.
How much and from where money was received and how much and to whom money was paid.
These three financial reports are called the:
Income statement.
Balance sheet.
Statement of cash flows.
Each report contains information on things that have already happened.
Financial accounting does not have a lot of value for running the day-to-day activities of a business.
© McGraw-Hill Education
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Managerial Accounting
Managerial accounting is forward-looking where financial accounting is concerned only with the past.
There are no formal rules with the only issue being what is valuable.
One of the most valuable functions of managerial accounting is planning for future business activities.
This is done through standard budgeting or profit planning.
This method of organizing and formatting business planning is called pro forma financial statements.
The result is a detailed plan for future operations and is the standard against which actual results are compared to assess performance.
© McGraw-Hill Education
‹#›
Tax Accounting
Tax accounting follows the tax laws and regulations.
The final product is a set of returns, forms, and schedules.
There are many different business taxes including:
Federal income tax.
State income tax.
Employment taxes.
Inventory tax.
Excise taxes.
Various use taxes including sales tax and, in some countries, value-added tax.
The primary value of tax accounting is to avoid penalties for non-compliance and to legally minimize tax payments.
© McGraw-Hill Education
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The Concepts That Make Accounting Work
The assumptions that underlie accounting are very basic.
A business is an entity that is separate from its owners – business entity concept.
An operating business will continue in business – going concern concept.
Accounting information is valuable only.
Accounting basics2
This document provides an overview of basic accounting concepts and principles. It explains the accounting equation that balances assets, liabilities, and owner's equity. It also describes the key financial statements of a balance sheet and profit and loss statement. The balance sheet presents the financial position at a point in time, while the profit and loss statement shows revenues, expenses and profits over a period. Additionally, it outlines the basics of double entry bookkeeping, ledger accounts, and how a trial balance can verify the accuracy of bookkeeping entries.
Small Business Accounting and Financial Reporting_StarterCompanyRevised
The document provides information and guidance for youth entrepreneurs on topics such as the role of accountants, bookkeeping technologies, financial accounting, cash flow forecasting, cost accounting, pricing, taxes, and more. It also includes an introduction to the author and his experience as an accountant and mentor for youth entrepreneurs. The goal is to help youth starting, expanding, or purchasing a business with relevant financial information and advice.
Know your numbers
We know you’re a genius. You’re building a phenomenal company, one that may change the world, but you never took or don’t remember what you learned in that Accounting Class.
Often entrepreneurs drown in paperwork and receipts as they try to flush our their business plan. It’s important to keep your books straight from the beginning and keep track of the most important thing: the money. In this hands on workshop, we will take you back to basics, covering the fundamental metrics and financial accounting principles that will make or break your startup.
Expert:
Dan Allred – Silicon Valley Bank
www.thecapitalnetwork.org
Finance
This document provides an overview of accounting concepts and financial statements. It begins with definitions of accounting and its purpose. Key terms like assets, liabilities, income, and expenses are explained along with basic accounting equations and methods. Accounting steps from journalizing transactions to preparing trial balances and financial statements are outlined. Financial statements like the income statement, balance sheet, and cash flow statement and their components are defined. Examples of accounting entries, trial balances, and financial statements are provided. The document is an introductory training material on basic accounting concepts, terminology, and financial reporting.
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| Accounting Cycle | Double Entry Accounting | Basic Accounting Equation | 8 ...
| Accounting Cycle | Double Entry Accounting | Basic Accounting Equation | 8 ...
Chapter TwelveSmall Business Accounting Projecting and Evalua.docx
Chapter TwelveSmall Business Accounting Projecting and Evalua.docx
Small Business Accounting and Financial Reporting_StarterCompanyRevised
Small Business Accounting and Financial Reporting_StarterCompanyRevised
Bookkeeping Success
- 1. Bookkeeping Success! “ We need a certain delight in tending the books, like in tending a garden.” ~ Connie Harvey
- 3. It’s all about balance Assets – Liabilities = Owner’s Equity Debits Credits
- 19. Tend the Books Give the Books to another to tend But don’t neglect the Books…. Or your business can’t succeed
- 20. “ Where you tend a rose, ~ a thistle cannot grow.” Frances Hodgson Burnett