Some people may feel confused when they hear the word "Accountable"He said. Most people prefer to use common words such as (Bill - Collective payment - Check … And so on). But I do not think the difference in words is the problem. And the question that arises here is why those who build accounting systems on names that most people understand. The answer to this question lies in the fact that these references are limited to a part of the course. For example, if we imagine that the calculations are only client accounts, the use of these names would be ideal. So I think that the beginning of understanding the accounting system is to know that our vision is a deficient vision and that there is a broader vision. If we can see the other side of the coin (Limitations), We will see things we have not seen before.
The accounting system only sees two things:
Account The client's account is in the accounting system, like a treasury account, a bank account, a capital account, a petty cash account, etc.
Movement (constraint) Everything that has a history is a movement such as issuing a sales bill - collecting cash - collecting a check - paying money ... etc.
Each movement affects two or more accounts (except for opening balances affecting only one account). For example Cash collection Affects the "customer obtained from it" and the "treasury".
Thus, each account accumulates a balance (debtor-creditor) as a result of the movements made on that account. It should be noted that we consider that the institution is a legal entity, and that all these accounts are a city or a creditor.
These accounts are organized in tree form Accounts tree , And initially the accounts are divided into two parts, debit side and creditor side.
It is worth mentioning that there is no so-called debtor account or credit account, the more accurate the statement is the balance of the current account debtor, or creditor and of course, the status of the balance changes over time. However, when we build the account tree, we classify each account as a debtor or creditor on the basis of the majority. For example, a customer's account is placed on the debtor side of the enterprise, while the supplier is on the creditor side and so on
The following figure shows an example of a simplified calculation tree
What is the opening balance and what is the initial inventory?
When the program starts the calculations it will be difficult to record each Movements Ex post facto. In the following figure
It is clear that we started registering on the computer on 28/01 and when we calculated the customer's balance at that date was 120000 dinars, this amount is the opening balance of the customer Mohammed Ali Ahmed.
Therefore, none of the movements that occurred prior to that date will be entered into the program. Of course, there should be no modification to the book before this date so that the match between the computer and the notebook remains.
but regarding For the first time inventory It is the same concept but for varieties. That is, the balance of items at the start of the program
We choose the supplier (supplier of refrigerators) as described, then we choose the brand (refrigerator 18 feet) and choose quantity 10 and category 1000.00 to be total invoice is 10000.00
Click OK to save the invoice
What if inventory work is difficult when the system starts?
If we do not enter the inventory order in the program Balance stores Will be zero, and therefore will not allow the program to dispose of any goods from the stores. To overcome this point, we select the "Allow storage less than zero" mode in the system settings. Of course, the inventory report will still not match the reality until you enter the correct inventory order, then the store report will match the reality and then cancel the "Allow inventory less than zero" as if it were not.
What is a double entry?
Double entry system Is a term Accounting The statute and standard used by businesses and other organizations to record their financial movements. The updated double-entry system was organized and classified by Mathematician Italian Luca Patchouli The system is based on the fact that the best way to record the results of a company's financial business is in the form of accounts.
What is a single entry?
A single-entry theory can be defined as the theory by which one party to the process, the other external party with which the project is handled - is called the one-sided constraint.
What are opening balances?
The opening balances of the accounts are the balance at the beginning Accounting period It represents the closing balance of the previous accounting period. For example, the bank balance as at 31 December 2017 is the closing balance of the account. It will surely be the opening balance for the new accounting year beginning on 01 January 2018.
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