Notes - Revision history

Gregory: /* Notes */

2018-09-30T06:37:29Z

Notes

← Older revision		Revision as of 06:37, 30 September 2018
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			== Accounting Terms ==

			===An Account===

			An account consists of an account name and number/code and may contain a list of transactions with a opening and closing balance.

			*An account = Account name and number/code E.g Al Habtoor - HABT.
			*An account = List of Transactions.
			*An account = A restricted list of transactions based on some criteria. E.g an account of transactions for client HABT in the period 7/2018.

	== Notes ==		== Notes ==
	Chart - list of a/c names. it is not a collection of accounts.		Chart - list of a/c names. it is not a collection of accounts.

Steve at 18:02, 25 February 2018

2018-02-25T18:02:10Z

← Older revision		Revision as of 18:02, 25 February 2018
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			== Notes ==
	Chart - list of a/c names. it is not a collection of accounts.		Chart - list of a/c names. it is not a collection of accounts.
	Ledger - a ledger is a collection of accounts for a particular chart		Ledger - a ledger is a collection of accounts for a particular chart

Steve at 08:21, 25 February 2018

2018-02-25T08:21:15Z

← Older revision		Revision as of 08:21, 25 February 2018
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	Ledger -		Ledger -

	PL is ~~seperate~~ and the closing a/c is mentioned in the top of the chart		PL is separate and the closing a/c is mentioned in the top of the chart
	if the PL is not separate and is in the GL, then we need to put the closing a/c code against each a/c		if the PL is not separate and is in the GL, then we need to put the closing a/c code against each a/c

Steve: 1 revision

2008-07-31T21:26:36Z

1 revision

← Older revision	Revision as of 21:26, 31 July 2008
(No difference)

Ashwin: New page: Chart - list of a/c names. it is not a collection of accounts. Ledger - a ledger is a collection of accounts for a particular chart Account - is a list of transactions with a balance top ...

2008-01-15T12:27:51Z

New page: Chart - list of a/c names. it is not a collection of accounts. Ledger - a ledger is a collection of accounts for a particular chart Account - is a list of transactions with a balance top ...

New page

Chart - list of a/c names. it is not a collection of accounts.
Ledger - a ledger is a collection of accounts for a particular chart
Account - is a list of transactions with a balance

top level chart - GL
all rest are subsidiary charts - must mention the a/c name in the master chart (GL).

example:
chart - GL, any subsidiary ledger
Ledger -

PL is seperate and the closing a/c is mentioned in the top of the chart
if the PL is not separate and is in the GL, then we need to put the closing a/c code against each a/c

If the PL is in the GL, and you forget to put the closing a/c code, then at the start of the new year, you need to pass an OPENING BALANCE journal to pass it to the GL - and this does not show in the concerned PL account.

OPENING BALANCE journal breaks the principle of audidability as it creates no transactions, but the auditors are fine with this as they can easily trace any fraud comparing the opening balance ot last years balance.

Multicompany - the GL and the base currency of the new company should be the same