This is a common question for any business starter in United Arab Emirates. Questions like: How could I keep record of my financial transactions? How to prepared report of VAT?, What is the best print format of invoice?, How to calculate salesperson commission?, and questions more like above ..  Choosing Factors But how could you understand to which accounting software suits for your business in UAE?, answer to this question depends on the type of your business and how cash flow occurs within it. so that it is crucial to understand your business needs to make the right decision. some important factors are size of your business (size of shop, or company), volume of transactions, format of VAT report,...  However, it will help you to choose an accounting software for managing your finance effectively and efficiently. Online of Offline server In today's world, the internet has become an integral part of our lives and business, connecting us to the rest of the world. Therefo...

Don't forget it. For any amount of debit, same amount of credit is a must. So you will have true balance sheet

The term Accounts receivable generally denotes all claims involving a future inflow of cash (You will receive cash from these accounts). These receivables result from business transactions involving sales of goods and services, loans, and miscellaneous claims. The accounting procedures surrounding the creation of receivables as well as the controls over the credit granting function and the collection process are, therefore, of considerable importance. usually, the financial statement uses the A/R term to replace of accounts receivable .  Debtors are the common part of accounts receivable in any business. Trade type Trade accounts receivables represent the sale of goods and services in the normal course of business operations and account for the major portion of a firm's revenue-producing activities. The open account or trade account, created by a transaction between business concerns is generally unsecured (an informal a...

A little more than a decade ago, most basic accountancy was carried out using a pen, fifteen-column ledger, and calculator. Arguably, trainee accountants learned the nuts and bolts of double entry far more effectively in those days by manually recording bank transactions, year-end journals such as depreciation and accruals, and opening balances, arriving at an extended trial balance which formed the basis of the final accounts.   Software such as Auditman began to ease the preparation of the final accounts as the trial balance figures, having been produced manually, were entered and converted into a format in line with the requirements of the Companies Act and Accounting Standards, but not until the mid to late 1990s did it become economic to have a computer on every desk. As this began to happen, manual bookkeeping became for many people a relic of a distant era; though, as Thomas Hardy wrote in The Mayor of Caster-bridge, 'as in all such cases of advance,...

It is political and arise with the disclosure of financial misdeeds by trusted executives of corporations or governments. However, accounting scandal will describe such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets, or under-reporting the existence of liabilities, sometimes with the cooperation of officials in other corporations or affiliates.      The year 2001 witnessed a series of financial information frauds involving : Enron Corporation Arthur Andersen (Auditing firm ) WorldCom (the telecommunications company) Qwest and Sunbeam  Among other well-known corporations These problems highlighted the need to review the effectiveness of accounting standards, auditing regulations, and corporate governance principles. In some cases, management manipulated the figures shown in financial reports ...

Debit & credit words are formal bookkeeping & accounting terms. They are the most fundamental concepts in accounting software and bookkeeping applications that represent the two sides of each individual transaction recorded in any accounting system and accounting application. A debit transaction indicates an asset or an expense transaction, and a credit indicates a transaction that will cause liability or a gain. A debit transaction can also be used to reduce a credit balance or increase a debit balance. Example of Debit & Credit in a journal entry Please look at a sample journal entry in the accounting software as below: in this journal entry, Jack should pay 1200 $ for rent, then we put this money in the column debit for his account and in the credit column for income account (Property rents). Note: here Jack didn't pay the rent yet. A credit transaction can be used to decrease a debit balance or increase a credit balan...