Reviso UK

  We currently have a multitude of  accounting programs  that can help us to carry out the accounting management of our company in a simple and orderly manner. It is easy to have access to all these programs since most of the time we only need a computer and an Internet connection. Although the facilities are many, it is important to have some  minimum knowledge of accounting  to understand the accounting bases and, also, the operation of the applications that we use. In this article we will give you some main ideas about accounting with which you can learn the fundamental concepts, but if you want to expand your knowledge, you can always look for some more in depth course. What is accounting and what is it for? The accounting of a company is a series of  records and entries  that are made identifying each operation that happens in the company. That is, records of each purchase, sale, transfer, payment, collection, etc.  All operations  that occur daily in the company  must be recorded

 T he  C hart of accounts or (COA) is a listing which is split into two sections, one for the Balance Sheet accounts and one for the Profit & Loss accounts. Each section contains the names and unique numbers used to identify and record all transactions for the accounting of any business, large or small. Every account within your accounting system will be listed in numerical order and will normally give you gaps between each number in order for you to create additional codes to tailor the chart of accounts to your business. For example, the first account number could be prefixed with 1 followed by 000, 001, 002 etc. So, your Balance sheet starting with your assets would start at account 1000 and run to 1200, then your Liabilities could all be prefixed with 2, and equity with 3. Your Profit & Loss account containing your income and expenses would then start at 4000 and finish with taxes at 9000. This makes everything very easy to identify and reports can be run by account number