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Difference between revisions of "Accounts"

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  "The process of identifying, measuring and communicating economic information to permit  
 
  "The process of identifying, measuring and communicating economic information to permit  
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  informed judgements and decisions by users of the information".
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  informed judgements and decisions by users of the information". *In addition, Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business.  It also refers to the process of summarizing, analyzing and reporting transactions.
  
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The key words in the above definition:  
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Summary :
  
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*Accounting is about providing information to others. Accounting information is economic information - it relates to the financial or economic activities of the business or organization.  
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1. How to view Chart of Accounts in a number of ways?
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2. How Tree Mode works?
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*Accounting information needs to be identified and measured. This is done by way of a "set of accounts", based on a system of accounting known as double-entry bookkeeping. The accounting system identifies and records "accounting transactions".  
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3. How List Mode works?
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4. Know how to setup a new account for your chart of Accounts?
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*The "measurement" of accounting information is not a straight-forward process. it involves making judgements about the value of assets owned by a business or liabilities owed by a business. it is also about accurately measuring how much Profit or loss has been made by a business in a particular period. The measurement of accounting information often requires subjective judgement to come to a conclusion.  
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5. Type of Accounts in the drop down?
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6. How to set the EFT or electronic banking details for Bank Account?
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*The definition identifies the need for accounting information to be communicated. The way in which this communication is achieved may vary. There are several forms of accounting communication (e.g. annual report and [[Account]]s, management accounting reports) each of which serve a slightly different purpose. The communication need is about understanding who needs the accounting information, and what they need to know.
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7. How departments can replace the need for sub accounts in some cases?
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8. Know how you can divide your business into different cost centers?
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*In addition, Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. It also refers to the process of summarizing, analyzing and reporting transactions.
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9. How departments can create different report levels with one Accounts, relationship between Departments, Products and Accounts.
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10. How can BAS/VAT affect the Tax Codes and the auto loading into transactions.
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11. Explanation of List Customisation?
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12. How to use the F5,F6 and F7 as searching features? How to use the search box on the main screen?
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13. How to add columns, remove columns and alter the layout of the list and save as a personal report?
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14. How to filter in the list to show only specific details?
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15. How to create a custom filter?
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16. How to turn on Foreign Exchange Values in some reports?
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17. How to create a custom report and display in My Report section?
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18. How to export list and create a spreadsheet?
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19. How to run a Profit and Loss Report from the main screen?
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20. How to run a Profit and Loss Report by periods?
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21. How to run a Profit and Loss Report from report selector?
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22. How to select different departments for different reports?
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23. How to drill into any of the values in all of the reports?
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24. How to preview printout of Profit and Loss Report?
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25. How to run a Balance Sheet Report from the main screen and from report selector?
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26. What is the relation of report selector in choosing dates prior to running the reports?
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27. Explanation of List Date Range on comparing speed to functionality.
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28. Is the set of the BAS report/VAT Report with the Tax Codes been done and approved by the accountant?
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29. How to run a BAS report/VAT Report?
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30. How to enter/create a Journal?
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31. How to search and find an existing Journal?
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32. How to create a chart from any report?
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33. How to create a filter?
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34. How to open the Summary Sheet?
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35. How to open the Dashboard?
  
 
== Financial Statements  ==
 
== Financial Statements  ==

Revision as of 19:57, 23 November 2014

Overview

Accounting define as follows. 

"The process of identifying, measuring and communicating economic information to permit 
informed judgements and decisions by users of the information". *In addition, Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business.  It also refers to the process of summarizing, analyzing and reporting transactions.

Summary :

1. How to view Chart of Accounts in a number of ways? 2. How Tree Mode works? 3. How List Mode works? 4. Know how to setup a new account for your chart of Accounts? 5. Type of Accounts in the drop down? 6. How to set the EFT or electronic banking details for Bank Account? 7. How departments can replace the need for sub accounts in some cases? 8. Know how you can divide your business into different cost centers? 9. How departments can create different report levels with one Accounts, relationship between Departments, Products and Accounts. 10. How can BAS/VAT affect the Tax Codes and the auto loading into transactions. 11. Explanation of List Customisation? 12. How to use the F5,F6 and F7 as searching features? How to use the search box on the main screen? 13. How to add columns, remove columns and alter the layout of the list and save as a personal report? 14. How to filter in the list to show only specific details? 15. How to create a custom filter? 16. How to turn on Foreign Exchange Values in some reports? 17. How to create a custom report and display in My Report section? 18. How to export list and create a spreadsheet? 19. How to run a Profit and Loss Report from the main screen? 20. How to run a Profit and Loss Report by periods? 21. How to run a Profit and Loss Report from report selector? 22. How to select different departments for different reports? 23. How to drill into any of the values in all of the reports? 24. How to preview printout of Profit and Loss Report? 25. How to run a Balance Sheet Report from the main screen and from report selector? 26. What is the relation of report selector in choosing dates prior to running the reports? 27. Explanation of List Date Range on comparing speed to functionality. 28. Is the set of the BAS report/VAT Report with the Tax Codes been done and approved by the accountant? 29. How to run a BAS report/VAT Report? 30. How to enter/create a Journal? 31. How to search and find an existing Journal? 32. How to create a chart from any report? 33. How to create a filter? 34. How to open the Summary Sheet? 35. How to open the Dashboard?

Financial Statements

It is a formal record of the financial activities of a business, person, or other entity. Accounting information is communicated using "financial statements". There are two main purposes of financial statements:

  1. To report on the financial position of an entity (e.g. a business, an organization).
  2. To show how the entity has performed (financially) over a particular period of time (an "accounting period").

The most common measurement of "performance" is profit. It is important to understand that financial statements can be historical, or relate to the future.

Accountability

Accounting is about Accountability

Most organizations are externally accountable in some way for their actions and activities. They will produce reports on their activities that will reflect their objectives and the people to whom they are accountable.

Chart of Accounts

Complete list of accounts as required for any business. This list can be added to or deleted from depending on your particular requirements. In addition you can start from scratch with your own set of accounts or simply merge together a combination of both.

Chart of Accounts can viewed in a number of ways (Tree mode or List Mode)

From Main Screen - Select Accounts Module Select Accounts List Tab

Can view on standard List Mode searching is more easy. While you can also view on Tree Mode on the upper right side tick box Tree Mode. Options of tree mode can contract and expand on accounts.

Easy steps to follow on setting up Tree Mode on Default :

Select Utilities Module → Select Preferences → Choose Accounts → Tick box on Default to Tree View for Chart of Accounts List Click Save and view your Chart of Accounts.

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