Adding value to your business
Tel: 044 690 3739
A C C O U N T I N G
P A Y R O L L & H R
Basic bookkeeping principles
All accounts sorted into different categories as seen above. This determines how the entry will typically be entered. All transactions are recorded as a debit and a credit.
A Balance Sheet shows the assets and liabilities of a company at a certain point in time. If there are more assets than liabilities, there will be a profit. If there are more liabilities than assets, a loss will result.
The Income Statement is a summary of all income and expenses during a certain period. If the income amount is greater than the expenses, a profit will result. Should there be more expenses than income, a loss is shown.
1. Transaction
In every business different transactions take place on a continual basis.
In every business different transactions take place on a continual basis.
2. Source documents
These transactions get recorded into source documents such as a cheque, invoice or petty-cash voucher.
These transactions get recorded into source documents such as a cheque, invoice or petty-cash voucher.
3. Subsidiary journal or first book of entry
All vouchers get recorded into different journals for example, a sales journal or cash book.
All vouchers get recorded into different journals for example, a sales journal or cash book.
4. General Ledger
The general ledger is then updated from the different journals. These can also be shown as T-Accounts.
The general ledger is then updated from the different journals. These can also be shown as T-Accounts.
5. Reconciliation
The next step is the reconcile the cash book with the bank statement and the customer and suppliers accounts with the statements received or given.
The next step is the reconcile the cash book with the bank statement and the customer and suppliers accounts with the statements received or given.
6. Trial Balance
The trial balance is a summary of all the general ledger accounts and must always be in balance.
The trial balance is a summary of all the general ledger accounts and must always be in balance.
7. Income Statement or Profit and Loss Statement
All income and expenses are recorded in the income statement and show the profitability of a business over a period of time.
All income and expenses are recorded in the income statement and show the profitability of a business over a period of time.
8. Balance Sheet
The assets, liabilities and capital accounts are recorded in the balance sheet and show a business’s financial stability at a point in time.
The assets, liabilities and capital accounts are recorded in the balance sheet and show a business’s financial stability at a point in time.
| Training Calendar |
| Course Summary |
| Course Prices |
| Our Classroom |
| Bookkeeping Principles |
| Chart of Accounts |
| Exam Details |
| Product Comparison |
| Products2 |
| Add-On Modules |
| Xpress Start-Up |
| Xpress |
| Partner |
| Bank Manager |
| Point of Sale |
| Pastel Payroll |
| Human Relations Manager |
| 5in1Payroll |
| Payroll Add-On |
| Upgrade/Cover |
| Useful Links |
| Order Form |
| Quotation Request |
| Training Form |
| References |