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Accounting & Bookkeeping

Purpose of Accounting

The purpose of accounting is to provide a systematic and comprehensive recording of the financial transactions of a business or organization.

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Accounting & Bookkeeping

Management Report

Management report, which means a report in accounting is a document that provides detailed financial information and analysis to help management make decisions about the business.

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Accounting & Bookkeeping

Fixed Asset

Definition If fixed assets are purchased to generate business income, it was extended useful life and cannot be readily converted into cash shortly, so will be considered a fixed asset.

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Accounting & Bookkeeping

Disposal of Fixed Asset

The disposal of a fixed asset refers to the process of removing a long-term asset from the company's asset due to selling, scrapping, donating, or written off the asset

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Accounting & Bookkeeping

Prepayment

A prepayment is the settlement of a debt or installment payment before its official incurred to date.

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Accounting & Bookkeeping

Why the Bank Reconciliation Report Is Important?

Bank reconciliation is a method of closely comparing your company's records with the actual bank statement. This process involves checking both sets of records to ensure they align and match accurately.

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Accounting & Bookkeeping

Accrual Expenses & Accrual Revenue

An accrual allows the company to record expenses for which it expects and should pay for the services rendered / goods received during the current reporting period and to be paid in the future.

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Accounting & Bookkeeping

Hire Purchase

Hire Purchase (HP) is a financial arrangement that allows an individual or a business to acquire an asset by paying for it in installments over an agreed-upon period.

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Accounting & Bookkeeping

Definition of Cost of Goods Sold

Cost of sales, often referred to as Cost of goods sold (COGS) represents the direct costs associated with the production of goods that a company sells.

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Accounting & Bookkeeping

Account Documentation

When documents are ready to pass to the accountant for updating, to ensure accurate updates to the accounts, it is advisable to maintain the following documents, whether in electronic or hard copy format

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Accounting & Bookkeeping

Account Finalization Procedure

Account finalization is the process of preparing and presenting the financial statements of a business at the end of a financial year. It involves reconciling all accounts, making adjustments, reviewing and analyzing the results, filing tax returns, and complying with regulations.

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Accounting & Bookkeeping

Accounting Software Recommend

Accounting software is a key player in simplifying financial tasks, boosting workplace efficiency, minimizing mistakes, and maximizing profits. Three noteworthy options in this realm are Xero, Autocount, and SQL.

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