Topics covered:
An accounting program is quicker and more reliable
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Basic accounting concepts explained!
It's possible to use an accounting program without any accounting knowledge, at all.
Be this as it may, all accounting programs are based upon the double entry accounting system, and the more you understand the concepts contained in this system - the more confident you will be with your program.
- for those just starting out -
Profit & Loss Statement and Balance Sheet
Originally, the balance sheet was prepared to make sure the profit & loss statement was correct.
With the advent of computerized accounting systems, this check is no longer necessary. Today, the P&L and balance sheet are only used to provide information about the business's performance.
- for more advanced users -
Control Accounts
How can you be sure you have recorded all your transactions? How do you know you haven't forgotten to record some?
This audio visual presentation shows how control accounts deal with this problem
General Ledger and the Trial Balance
At first, it's easy to think the double entry system is an unnecessarily difficult way to record transactions.
The thing is, though, the double-entry system was never designed as an easy-to-use recording system. Instead, everything about the system was developed with quick and reliable checking in mind. So if you don't understand something about the system - just ask yourself "what has this got to do with checking?"
