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Friendly Reminders Manilla automatically posts reminders of all of your bills, making bill management easy and stress free. Bill Share. Accounting Journal Entries. The Business of Coaching: Tips for Improving Accounting English. Question I am an accountant in Haryana.
I read your all blog daily. I have good knowledge of tally and accounts. But I can't speak or write English . Please guide me how to improve my English in accounting work . Answer Thanks for reading my accounting education journal and telling your personal problem . It is very simple formula to learn not only English but any language perfectly that you should write that languageyou should speak that languageyou should discuss any matter in that language .you should listen and read news in that language . Financial Statements. Bean Counter So, you want to learn Bookkeeping- Lesson 5. In Lesson 4 we used T-Accounts to record the transactions for ABC, the lawn mowing guys.
What you didn't know at the time is that we were actually recording transactions in General Ledger Accounts. A General Ledger is just a formal set of T-Accounts. Each account that we want to track and keep up with has a separate page or pages maintained in a record book called the General Ledger. The book is organized into major sections just like the Accounting Equation that we studied in previous lessons.
Do you have any idea what these sections might be ? For each item (account) in our General Ledger, we record the increases and decreases for a period (usually a month) and calculate its ending balance. If you noticed in my above equation I used the terms increases and decreases. Explanation. Definition Expenses are the decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants (IASB Framework).
Explanation Expense is simply a decrease in the net assets of the entity over an accounting period except for such decreases caused by the distributions to the owners. The first aspect of the definition is quite easy to grasp as the incurring of an expense must reduce the net assets of the company. For instance, payment of a company's utility bills reduces cash. Types Following is a list of common types of expenses recognized in the financial statements:
Tax organization tip: Set up expense categories. Do you always ask yourself is this a business expense or not?
And is it deductible? It’s a common question, especially as tax resources can be a little vague with definitions or by using obscure examples not relevant to your business. One tip is to use the business expense categories, hopefully offered by your local tax body, to categorize them as they incur. This allows you simply to evaluate them once the come in, saving you a lot time by avoiding the hours of documenting boxes of receipts. Don't use your business account to pay personal expenses! Many small business owners make a common mistake: They use their business checking account or business credit card to pay personal expenses.
They figure it's no big deal. They'll either pretend those were business expenses and deduct them on the business tax return (illegal!). Or they'll do the right thing and exclude them from the business tax return because they were, indeed, personal. For small business owners, it's often a matter of convenience. One way or another, the money all belongs to the owner, right? If you've formed an LLC, corporation, or partnership, there's a big difference. There are many times when it would be simpler just to pay a bill with the business checking account or use the business credit card for a personal item.
Tracy L. Mpany Expenses Paid Via Personal Account. Accounting: Debits & Credits. Sage Opening Balances. Hi I ma having to enter some opening balances into sage.
But the OB system seems a little strange to me!! Obviously through lack of understanding. But according to Sage Help I am open up each Creditor or Debtor and enter the Opening Balance using the OB button, using the date prior to the new financial year!! This will then place the postings in the Debtors Control Account and Suspense account, which I presume is fine! Then I am meant to 'Close down' these balances with a reverals journal!! This seems even more strange to me, as when I post the cheques written in the previous year or bank the cheques received for sales invoices in previous year the suspense account will remain with a balance!!??!! Sage Line 50 Petty Cash Payments and Replenish. Sage Line 50 Bank Reconciliation. Accounts & Finance.