Debit + Credit = voucher

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

Comments

Post a Comment

Popular posts from this blog

VAT Report in UAE

Image
 This most requirement for business owners in UAE is VAT report. Because VAT is new rules in economic organization of UAE.  The implementation of VAT rules in the economic organization of UAE has made it mandatory to calculate 5% of sales amounts accurately In simple view, it is enough to calculate 5% of sales amounts. but it is not as simple as it seem! A slight mistake to calculate VAT amount or presenting the report in a wrong format, can lead to a penalty of up to 20,000 AED from the economic department. Example VAT report by iGreen accounting software
Read more

Types of Ledger

First of all, let's see why there are different types of the ledger in accounting. then we show you the types of the ledger in accounting. As you know, in any business move of cash is the most important transaction and there are different types of transactions for cash flow so it needs different types of ledgers to record them. The nominal ledger is the heart of any accounting system The structure of accounts in the nominal ledger book is the most important concept. A perfect structure of ledgers could be a golden way to have an elegant accounting data entry. There are some important types of the ledger and some low priority types in the ledger book, so it is a benefit to put important accounts in the first layer and put other priorities in the second and next layers of accounts in the ledger book. MAIN LEDGER All ledger books are grouped under the main ledger book. The nominal ledger book is the main ledger book that covers all ledgers book in itself. So...
Read more

Advantages of Computerized Bookkeeping

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,...
Read more