Category: Bookkeeping

Download iGreen accounting for bookkeeping

Bookkeeping includes keep your books of accounts updated. it could be updated daily, weekly or monthly. but the most accounts department need their books be keep updated daily. iGreen accounting with forms as cash receipt, cash payment, Expense entry, invoice, Purchase and journal entry could be used for your bookkeeping. Download Full version You need […]

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Historical Cost Valuation in Real Life

The merits of historical cost accounting and the advantages and disadvantages of the competing alternative measurement systems have been debated vigorously for at least 40 years.  However,  with some rare exceptions,  most companies worldwide still use historical cost.  for example This is not to say that experimentation has not occurred in the Netherlands,  for a […]

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Historical Cost vs Replacement Cost

Historical cost Historical cost has always been the most widely used measurement system. Essentially, transactions are recorded in the books of account at the date the transaction occurred. This original cost is maintained in the books of account and not updated for any future changes in value that might occur. An illustration if we paid […]

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Measurement Systems

Measurement systems underpin not only profit, but also asset valuation. Essentially, a measurement system is the way in which the elements in the accounts are valued. Traditionally, historical cost has been accepted measurement system. Incomes, Expenses, Assets and liabilities have been recorded  in the accounting system at cost at the time that they were first recognized. […]

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Depreciation and Fixed Assets

Fixed assets must be differentiated from current assets and investment assets. Current assets are assets with a value available to the business in the short term, which is usually taken to mean up to a year. These are cash and assets used in the course of business, such as stock and debtors(money owing by customers). […]

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Double Entry Accounting

At the first look, it seems single entry is very easy way to record your financial transactions but single entry has many disadvantage. double entry has strong structure and protect you from some basic mistakes in balance sheets so learning and practice double entry principle is recommended to have a perfect double entry accounting for […]

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Inventory System

The two principal systems for determining the inventory quantities on hand are the periodic system and the perpetual system. Both systems may be used simultaneously by companies with different classes of inventory. The Periodic System This system requires a physical count of goods on hand at the end of the period. A cost basis (i.e., FIFO, LIFO, etc.) […]

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Chart Of Accounts

Heart of any accounting system is Chart of accounts and sometimes it will be summarized to term: “C.O.A” , whatever it is on paper or a computerized system. any voucher should show debit amount and credit amount on mentioned accounts. Actually, Accounts are like humans in a society of financial area. each accounts has its […]

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Cash Book Entries – Cash Payment in iGreen Accounting

When you pay any amount to your vendors or clients then this amount will be reduced from your cash account. cash flow of this type of transaction is important because you should control cash out from your business. However cash book entry of cash payment in bookkeeping is very important for auditing. here we will […]

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Cash Book Entries – Cash Receipt in iGreen Accounting

Cash flow is the most important transaction in any accounting and has two sections of receipt and payment. However cash book entry in bookkeeping is very important for reports. here we will show you how to do it in iGreen accounting software. Cash Book Entry, Cash Receipt When you receive any amount of cash from your […]

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Practice Double-Entry Bookkeeping

Accounting is not only theory, it includes practice too, however you should doing real practice in some financial departments and learn from professional accountants how to enter and record invoices and payments in journal books to understand accounting deeply. At the first of all, doing practice Double-Entry bookkeeping is the heart of accounting learning to […]

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The concept of Double Entry in Bookkeeping

Double entry bookkeeping is much superior to single entry bookkeeping and all significant businesses keep their accounting records in this way. At the heart of double entry bookkeeping is the concept that every transaction involves both the giving of a benefit and the receiving of a benefit. Consequently, every transaction is written into the books twice, once as […]

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Payroll and Associated Matters

Wages and salaries are very often grouped together and it is not easy to fix the distinctions between them. It is hard to believe that snobbery does not sometimes playa part. It is sometimes said that wages are paid weekly, whereas salaries are paid monthly, and it is sometimes said that wages are paid in cash, whereas salaries […]

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Value Added Tax in Bookkeeping

VAT is a simple concept that has somehow managed to get very complicated in practice. Its complexities once led to a celebrated court case to establish whether a jaffa cake is a cake or a biscuit. If you enjoy a jaffa cake with your afternoon tea, you will be pleased to know that you are eating a cake which […]

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How to Post Sales & Stocks in Bookkeeping

Businesses operate by selling goods, services or both. A business that only sells services does not have account for stock, but businesses that sell goods like a shop (either bought in or manufactured by itself) must keep stock accounts and should carry out periodic stock-takes. Stock Accounts Stock Account The cost of goods purchased or manufactured is debited to […]

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Major Features of Many Bookkeeping Systems

We will soon be ready to move on to the preparation of the accounts but first it is necessary to look at three major features of many bookkeeping systems. They should be understood because they are important and also because they generate some rather special entries. The page also deals with the important topic of the trial balance and […]

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Double Entry Examples in Bookkeeping

Accounting is a blend of theory and practice. One of the key elements to understanding the practice of accounting is double entry bookkeeping. to do it, you should be in real accounts department in companies but usually, no company hire accountant without any experiment, so it is recommended to seek for a trainee position in large […]

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Basic Rules of Double Entry System

The founding father of double entry bookkeeping was a Franciscan monk called Luca Pacioli. He did not invent it, but in 1493 he wrote down the principles of the system being used by him and others. Given his calling he must have been a man of considerable education and wide-ranging interests. His work has stood the test of time […]

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How to Sales Journal Entry

Almost any business has sales of items and services and sales journal Entry for invoice is a most too. some of company use accounting software to record their sales and some company intend to have a record on paper too because they cloud not trust of data lost in computer systems. Any sales for cash […]

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