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Bookkeeping Topics CMA for knowledge التسويات الجردية الاصول الاهلاكات شكات المساهمة البورصة محاسبة المستشفيات محاسبة الفنادق الاكسل excel
الأربعاء، 29 أكتوبر، 2014
Bookkeeping: Past and Present مقال عن امساك الحسابات قديما وحديثا
Bookkeeping: Past and Present
in the Old Days
Prior to computers and software, the bookkeeping for small
businesses usually began by writing entries intojournals.
Journals were defined as the books of original entry. In order to reduce the
amount of writing in a general journal, special journals or daybooks were
introduced. The special or specialized journals consisted of a sales journal,
purchases journal, cash receipts journal, and cash payments journal.
The company's transactions were written in the journals in date
order. Later, the amounts in the journals would be posted to the designatedaccountslocated in thegeneral ledger.
Examples of accounts include Sales, Rent Expense, Wages Expense, Cash, Loans
Payable, etc. Each account's balance had to be calculated and the account
balances were used in the company's financial statements. In addition to the
general ledger, a company may have had subsidiary ledgers for accounts such as
Handwriting the many transactions into journals, rewriting the
amounts in the accounts, and manually calculating the account balances would
likely result in some incorrect amounts. To determine whether errors had occurred,
the bookkeeper prepared atrial balance. A trial balance is an internal report
that lists 1) each account name, and 2) each account's balance in the
appropriate debit column or credit column. If the total of the debit column did
not equal the total of the credit column, there was at least one error
occurring somewhere between the journal entry and the trial balance. Finding
the one or more errors often meant spending hours retracing the entries and
After locating and correcting the errors the bookkeeping phase
was completed and the accounting phase began. It began with an accountant
that the accounts reflected the accrual basis of accounting. Adjusting entries
were necessary for the following reasons:
additional revenues and assets may have
been earned but were not recorded
additional expenses and liabilities may
have been incurred but were not recorded
some of the amounts that had been recorded
by the bookkeeper may have been prepayments which are no longer prepaid
depreciation and other non-routine
adjustments needed to be computed and recorded
all of the adjustments were made, the accountant presented the adjusted account
balances in the form of financial statements.
After each year's financial statements were completed,closing entrieswere needed. The purpose of closing
entries is to get the balances in all of the income statement accounts (revenues,
expenses) to be zero before the start of the new accounting year. The net
amount of the income statement account balances would ultimately be transferred
to the proprietor's capital account or to the stockholders' retained earnings
electronic speed of computers and accounting software gives the appearance that
many of the bookkeeping and accounting tasks have been eliminated or are
occurring simultaneously. For example, the preparation of a sales invoice will
automatically update the relevant general ledger accounts (Sales, Accounts
Receivable, Inventory, Cost of Goods Sold), update the customer's detailed
information, and store the information for the financial statements as well as
accounting software has been written so that every transaction must have the
debit amounts equal to the credit amounts. The electronic accuracy also
eliminates the errors that had occurred when amounts were manually written,
rewritten and calculated. As a result, the debits will always equal the credits
and the trial balance will always be in balance. No longer will hours be spent
looking for errors that occurred in a manual system.
the accounting software is amazingly fast and accurate in processing the information
that is entered, the software is unable to detect whether some transactions
have been omitted, have been entered twice, or if incorrect accounts were used.
Fraudulent transactions and amounts could also be entered if a company fails to
After the sales invoices, vendor invoices, payroll and other
transactions have been processed for each accounting period, someadjusting entriesare still required. The adjusting
entries will involve:
revenues and assets that were earned, but
not yet entered into the software
expenses and liabilities that were
incurred, but not yet entered into the software
prepayments that are no longer prepaid
recording depreciation expense, bad debts
The adjusting entries will require apersonto determine the amounts and the
accounts. Without adjusting entries the accounting software will be producing
incomplete, inaccurate, and perhaps misleading financial statements.
the financial statements for the year are released, the software will transfer
the balances from the income statement accounts to the sole proprietor's
capital account or to the stockholders' retained earnings account. This allows
for the following year's income statement accounts to begin with zero balances.
(The balance sheet accounts are not closed as their balances are carried
forward to the next accounting year.)
(and accounting) involves the recording of a company's financial transactions.
The transactions will have to be identified, approved, sorted and stored in a
manner so they can be retrieved and presented in the company's financial
statements and other reports.
are a few examples of some of a company's financial transactions:
The purchase of supplies with cash.
The purchase of merchandise on credit.
The sale of merchandise on credit.
Rent for the business office.
Salaries and wages earned by employees.
Buying equipment for the office.
Borrowing money from a bank.
transactions will be sorted into perhaps hundreds of accounts including Cash,
Accounts Receivable, Loans Payable, Accounts Payable, Sales, Rent Expense,
Salaries Expense, Wages Expense Dept 1, Wages Expense Dept 2, etc. The amounts
in each of the accounts will be reported on the company's financial statements
in detail or in summary form.
hundreds of accounts and perhaps thousands of transactions, it is clear that
once a person learns the accounting software there will be efficiencies and
better information available for managing a business.