Difference between pages "Main Page" and "Accounting Process"

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Whether you are using leather bound books, excel or software, the accounting/bookkeeping process remains the same.
  
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It is simply the recording of all financial transactions within a business and then organising it a meaning full way for compliance and business analysis.
  
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All bookkeeping is still based on double entry accounting. All the software still works this way, its just that we don't see much of it anymore. Understanding the process though is one major difference between a data entry Bookkeeper and a great Bookkeeper.
!colspan="6"|Welcome
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All accounts must be either debited or credited '''NOTE:''' Some accounts are increased by debits, others are increased by credits
| style="height:300px; width:500px; text-align:left;" | '''Latest Pages'''<br><br>[[Payroll]]<br>[[Chart of Accounts]]<br>[[General Ledger]]<br>[[Accounting Process]]<br>[[General Journal]]<br>[[GST]]<br>[[Source Documents]]
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| style="height:300px; width:500px; text-align:left;" | '''Have a Suggestion?'''<br><br>If you would like to contribute or have any suggestions or corrections, please email [mailto:suggestions@bookkeepingpedia.com.au Suggestions]
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{| class="wikitable" style="width: 25%;"
| style="height:300px; width:500px; text-align:left;" | '''Industry Links'''<br><br>Australian Taxation Office [https://www.ato.gov.au/ ATO]<br><br> [https://www.fairwork.gov.au/ Fair Work Ombudsman]<br><br> Tax Practitioners Board [https://www.tpb.gov.au/ TBP]<br><br> Business.gov.au [https://www.business.gov.au/finance/accounting Accounting]<br><br>Institute of Certified Bookkeepers [https://www.icb.org.au/ ICB]<br><br>Australian Bookkeepers Network [https://www.austbook.net/ ABN]
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|'''Account''' || '''Increased By''' || '''Decreased By'''
| style="height:300px; width:500px; text-align:left;" | '''About US'''<br><br>BookkeepingPedia is a free community based Bookkeeping resource.<br><br>There is so much information and miss information on bookkeeping that sometimes it hard to know what is best practice. Cloud accounting software is also moving at a rapid pace which can sometimes be hard to keep up with. BookkeepingPedia aims to resolve these issues by having all the information in one place and constantly updated.<br><br>BookkeepingPedia aims to do this by involving the entire bookkeeping community, through consultation and feedback from those on the coalface.
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|Assets|| ''Debit''|| ''Credit''
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|-
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|Expenses||''Debit''||''Credit''
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|Liabilities||''Credit''||''Debit''
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|-
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|Equity||''Credit''||''Debit''
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|Revenue||''Credit''||''Debit''
 
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These are generally the steps taken:
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* [[General Journal]] - All the financial transactions are recorded in chronological order where each transaction affects at least two accounts, and they ''must'' balance.
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* [[General Ledger]] - The transactions are now posted to the accounts identified in the Journal entry
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''' <span style="color: red"> more to come'''

Revision as of 03:42, 16 November 2018

Whether you are using leather bound books, excel or software, the accounting/bookkeeping process remains the same.

It is simply the recording of all financial transactions within a business and then organising it a meaning full way for compliance and business analysis.

All bookkeeping is still based on double entry accounting. All the software still works this way, its just that we don't see much of it anymore. Understanding the process though is one major difference between a data entry Bookkeeper and a great Bookkeeper.

All accounts must be either debited or credited NOTE: Some accounts are increased by debits, others are increased by credits

Account Increased By Decreased By
Assets Debit Credit
Expenses Debit Credit
Liabilities Credit Debit
Equity Credit Debit
Revenue Credit Debit

These are generally the steps taken:

  • General Journal - All the financial transactions are recorded in chronological order where each transaction affects at least two accounts, and they must balance.
  • General Ledger - The transactions are now posted to the accounts identified in the Journal entry

more to come