Account: Difference between revisions
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[[Transaction|Transactions]] are posted to accounts to affect their balance. Each line item of a transaction debits one account and credits another by the same amount. This ensures that the sum of all account balances is always zero. | [[Transaction|Transactions]] are posted to accounts to affect their balance. Each line item of a transaction debits one account and credits another by the same amount. This ensures that the sum of all account balances is always zero. | ||
Sections under general accounting: | |||
# [[Chart Of Accounts|Chart of accounts]] | |||
# Aged Debtors | |||
# Balance Sheet: | |||
# Bank | |||
# GST | |||
# Profit & Loss | |||
# Reconciliations | |||
# Trial Balance | |||
[[Category:Accounting]] | [[Category:Accounting]] | ||
Revision as of 09:11, 13 August 2024
An account in ContactsLaw is analogous to its namesake in double-entry accounting.
Transactions are posted to accounts to affect their balance. Each line item of a transaction debits one account and credits another by the same amount. This ensures that the sum of all account balances is always zero.
Sections under general accounting:
- Chart of accounts
- Aged Debtors
- Balance Sheet:
- Bank
- GST
- Profit & Loss
- Reconciliations
- Trial Balance