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. | ||
General accounting in ContactsLaw is the process of noting, analyzing, and summarizing financial transactions of the company. It involves keeping track of earnings and expenses, making financial statements, and following accounting rules and regulations | |||
The General Accounting in the ContactsLaw includes eight (8) sections that tackles the subscription and the business. | |||
Sections under general accounting: | Sections under general accounting: | ||
Revision as of 09:54, 15 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.
General accounting in ContactsLaw is the process of noting, analyzing, and summarizing financial transactions of the company. It involves keeping track of earnings and expenses, making financial statements, and following accounting rules and regulations
The General Accounting in the ContactsLaw includes eight (8) sections that tackles the subscription and the business.
Sections under general accounting:
- Chart of accounts
- Aged Debtors
- Balance Sheet:
- Bank
- GST
- Profit & Loss
- Reconciliations
- Trial Balance