By Lita Epstein
Bookkeeping For Canadians For Dummies comprises details on maintaining a tally of transactions, knowing stability sheets, and preserving ledgers or journals. It covers how one can create monetary statements and likewise indicates how you can function debts for businesses. Small enterprise vendors and staff will locate that Bookkeeping For Canadians For Dummies additionally contains suitable, up to date tax information. moreover, the ebook teaches find out how to realize the assets and liabilities to the enterprise.
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Additional info for Bookkeeping For Canadians For Dummies (For Dummies (Business & Personal Finance))
2. Journal entries: You list the transaction in the appropriate journal, maintaining the journal’s chronological order of transactions. ) We talk more about journal entries in Chapter 5. 3. Posting: You post each transaction to the account that it impacts. These accounts are part of the General Ledger, where you can find a summary of all the business’s accounts. We discuss posting in Chapters 4 and 5. 4. Trial balance: At the end of the accounting period (which may be a month, quarter, or year, depending on your business’s practices), you Chapter 2: Getting Down to Bookkeeping Basics calculate a trial balance.
You don’t sell the products until July, and that’s when you receive cash for the sales. When you close the books at the end of June, you have to show the $1,000 expense with no revenue to offset it, meaning you have a loss that month. When you sell the products for $1,500 in July, you have a $1,500 profit. So, your monthly report for June shows a $1,000 loss, and your monthly report for July shows a $1,500 profit, when in actuality, you had revenues of $500 over the two months. In this book, we concentrate on the accrual accounting method.
Don’t worry, you don’t have to understand it totally now. We show you how to enter transactions throughout the book, depending on the type of transaction that you’re recording. We’re just giving you a quick overview to introduce the subject right now. 35 36 Part I: Basic Bookkeeping: Why You Need It Double-entry bookkeeping goes way back No one’s really sure who invented double-entry bookkeeping. The first person to put the practice on paper was Benedetto Cotrugli in 1458, but mathematician and Franciscan monk Luca Pacioli is most often credited with developing double-entry bookkeeping.