It is really a big problem when you do bookkeeping without any background information on it at all. You see, for you to be able to do it correctly, you need to have an understanding of the accounting jargon, of account titles and their proper classification. Anyway, to give you a head start, see the attached document.
I hope this would help you. Good luck!
Thanks in advance
We need to know which position you are in and what all activities you need to perform. see ..if you need to do Vendor Management who are Suppling Goods or Service to your company and sending you Invoice they comes under Accounts Payable mostly u need to use Nominal Account eg.. All Expenses and Losses are debit and all incomes and gains are credit
Personal Accounts.. Debit what comes in and Credit what goes out
Real Accounts Debit the Receiver and Credit the Giver
According this u need to pass entry in Tally or any Accounting software
if u are in Customer Management then it is comes under Accounts Receivable ,what ever product or service selling for revenue purpose that comes under such category.for passing entry u may follow above rules
some month end closing reports like Aging,Cash flow etc.. u need to prepare in Month end once you complete month end then Ledger will be closed that before u need to check whether entries were correct or not else u need to pass or rectify those entries. apart of this BRS (Bank Reconciliation Statement) if you are user of SAP then there u need to do all accounting procedure through Transaction Code like Invoice Process F-44 for Cash Application (AR) FEBA, Auto match/Non Automathch, GL Clearing etc..., hope these above things will be useful for you else visit pahechan.in and join our professional forum.. Thank You. Prasant
I am basically Technical Student, but working in Accounts field so some how i am expert in doing accounts in my organization, but now i am attending departmental exams there i will get one paper on Advanced Accountancy, i am feeling there should be any tricks/logics to study/remember the Accountancy rules. Please guide me to go through it. i got syllabus up to final accounts.