Basic Terms and Concepts

Topics:
Financial Statements
Tags:
Accounting,
Accounting System,
BusinessTown.com,
Finance,
Financial Services,
Operational Accounting
Source:
BusinessTown.com

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Overview: There are few things which need to understand in order to make setting up accounting system easier. Debits and Credits are the backbone of any accounting system. Further, all debits must equal all credits. If they don't, the entry is out of balance. Therefore, the accounting system must have a mechanism to ensure that all entries balance. Most automated accounting systems require identification of the retained earnings account. Many of them will beep at you if you don't do so. Most companies have only a few income accounts. That's really the way you want it. Too many accounts are a burden for the accounting department and probably don't tell management what it wants to know.

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Format: HTML | Date: Jan 2003 | Pages: 1

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