View RSS Feed

H e l l o W o r l d

The Accounting Cycle

Rating: 4 votes, 5.00 average.
The Accounting Cycle

[ATTACH=CONFIG]2696[/ATTACH]

Transaction 2
You receive a receipt for stationary you bought for cash R10.00.

Step 1
Identify the source document, i.e receipt, invoice, credit note.

Step 2
Enter the source document into your journal(Please note this course is for manuel accounts, the capturing source documents in an accounting program will be handled differently.

Basic Journal for our transaction, the journal helps us identify the account to credit and the account to dedit, as we learnt in [URL="http://www.theforumsa.co.za/blogs/entry.php/37-Accounting-Debits-and-Credits"]lesson 1[/URL]

[ATTACH=CONFIG]2697[/ATTACH]

Step 3
Transfer the journal amounts to the Ledger accounts. The Ledger is the principle book of accounts and in it all your books of account are kept.

The ledger accounts should look like this taking into concideration our first transaction from [URL="http://www.theforumsa.co.za/blogs/entry.php/38-The-Accounting-Equation"]Lesson 2[/URL]
[ATTACH=CONFIG]2698[/ATTACH]

The only way to learn accounts is to practice and practice and then practice some more.
Attached Thumbnails Attached Thumbnails Click image for larger version. 

Name:	images.jpeg 
Views:	1989 
Size:	7.4 KB 
ID:	2696   Click image for larger version. 

Name:	journal.JPG 
Views:	1526 
Size:	9.6 KB 
ID:	2697   Click image for larger version. 

Name:	Ledger.JPG 
Views:	1546 
Size:	42.1 KB 
ID:	2698  

Submit "The Accounting Cycle" to Digg Submit "The Accounting Cycle" to del.icio.us Submit "The Accounting Cycle" to StumbleUpon Submit "The Accounting Cycle" to Google Submit "The Accounting Cycle" to muti Submit "The Accounting Cycle" to Laaikit Submit "The Accounting Cycle" to My Yahoo!

Categories
Uncategorized

Comments

  1. Blurock's Avatar
    I failed accounting at school because the teacher could not explain to me what all the books were for. His answer was to "shut up and pay attention". Needless to say I lost interest and rather bunked classes than to listen to his ramblings.

    Today part of my job is to analyse financials and to assess and assist businesses. I will never be a book keeper, but I made an effort to understand financials after I left school. How can you run your own business if you do not understand the financial side of it?