Difference between pages "Accounting Process" and "Test"

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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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This page is used only for testing of code and formatting
 
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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.
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All accounts must be either debited or credited '''NOTE:''' Some accounts are increased by debits, others are increased by credits
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{| class="wikitable" style="width: 25%;"
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|-
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|'''Account''' || '''Increased By''' || '''Decreased By'''
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|-
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|Assets|| ''Debit''|| ''Credit''
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|-
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|Expenses||''Debit''||''Credit''
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|-
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|Liabilities||''Credit''||''Debit''
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|-
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|Equity||''Credit''||''Debit''
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|-
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|Revenue||''Credit''||''Debit''
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|}
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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'''
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Revision as of 04:41, 16 November 2018

This page is used only for testing of code and formatting