ABC of Accounting – Bank Reconciliation

The importance of bank reconciliation Bank reconciliation plays a pivotal part in the monthly accounts of any company, large or small. Ensuring your bank is reconciled with your accounting package every month is on the top of every bookkeeper and accountants checklist and should be on yours. Making sure your...

ABC of Accounting – The Balance sheet

The Balance Sheet  is the accounting report that reflects the economic and financial situation of a company at a given time. That is, it is a "still photo" of the situation of the company, which allows us to analyze the state of the company and make decisions accordingly. It is also possible that...

ABC of Accounting – no booking without a voucher

Today we write again about the basic principles - our ABC of accounting. One of the first things to learn about accounting at school is the following principle: Nothing gets booked without receipt. Document organization is the basis for proper bookkeeping. Vouchers can have different formats. Here are some examples: For the purchase of goods or services, we receive...

ABC of Accounting – Depreciation Methods

In the weeks ABC of accounting we discuss the merits of the different types of depreciation. Each company has assets, items purchased for a with a life span of more than one year. This includes not only machines in manufacturing companies, but also office equipment, computers or laptops.   Depreciation reflects the depreciation of the assets...

ABC of Accounting – Opening Entries

We continue with our ABC of Accounting blog. In this blog, as on previous occasions, we will try to explain in a simple way basic accounting concepts that we can find each day in our company. Today is the time to understand what is an Opening Entry. What is the opening entry? The...

ABC of Accounting – Creating Templates

Create your own templates Today we would like to discuss a very practical issue associated with accounting that can create a better and faster working platform. The creation of work templates.  The more you can simplify and automate your workflow, the faster you can work and the fewer mistakes that...