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Publié par | Self-Counsel Press |
Date de parution | 15 mai 2016 |
Nombre de lectures | 3 |
EAN13 | 9781770408760 |
Langue | English |
Poids de l'ouvrage | 1 Mo |
Informations légales : prix de location à la page 0,0032€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.
Extrait
BOOKKEEPERS’ BOOT CAMP
Get a Grip on Accounting Basics
Angie Mohr, CA, CMA
Self-Counsel Press (a division of) International Self-Counsel Press Ltd. USA Canada
Copyright © 2016
International Self-Counsel Press All rights reserved.
Contents
Cover
Title Page
PART 1: THE BASICS
Chapter 1: Getting Started
The Numbers 101 for Small Business Series
Bookkeepers’ Boot Camp
How to Use This Book
Chapter 2: A Brief Look at the Origins of Bookkeeping
Double-Entry Bookkeeping
Chapter 3: Important Concepts
Generally Accepted Accounting Principles (GAAP)
Stewardship
Accrual Accounting
Debits and Credits
Accountants versus Bookkeepers
Accounting Jargon
The Use of Estimates
The Importance of Bookkeeping
Chapter 4: Setting up the Record Keeping System
What Kinds of Paper Do I Need to Keep?
How Do I Account for My Source Documents?
Where Do I Record This Information?
Sample 1: General Journal
Sample 2: General Ledger
What Kind of Bookkeeping System Should I Get?
Chapter 5: Making Bookkeeping Easier with Technology
Receipt Scanners
Smartphone Apps
The Cloud
Remote Bookkeeping
Technology Is Not Substitute for Financial Acumen
Chapter 6: The Balance Sheet
The Purpose of the Balance Sheet
Sample 3: Balance Sheet
The Components of the Balance Sheet
Liabilities
Equity
Sample 4: Partnership Equity Statement
Chapter 7: The Income Statement
The Purpose of the Income Statement
Sample 5: Statement of Income
What’s on My Income Statement?
Interpreting the Income Statement
The Statement of Retained Earnings: A Tag-Along
Sample 6: Statement of Retained Earnings
Chapter 8: The Cash Flow Statement
Categorizing Cash Flows
Back to the Balance Sheet: The Basis of the Cash Flow Statement
Sample 7: Comparative Balance Sheet
Sample 8: Balance Sheet with Difference
Putting It All Together
Sample 9: Cash Flow Statement
What Is the Cash Flow Statement Telling Me?
PART 2: INTERMEDIATE TOPICS
Chapter 9: Recording the Sales Cycle
Figure 1: The Operating Cycle
What Makes up the Sales Cycle?
Recording Cash Sales
Recording Credit Sales
Sales Discounts
Recording Cash Receipts
Preparing Invoices
Preparing Statements of Account
Sample 10: Statement of Account
Bad Debts: Analyzing Them and Writing Them Off
Chapter 10: Recording the Purchase Cycle
Purchasing Inventory
Purchasing Supplies
Common Cost of Goods Sold Categories
Common Expense Categories
Setting up the Accounts Payable Sub-ledger
Sample 11: Accounts Payable Report
Cash Payments
Chapter 11: Inventory
Inventory Tracking Systems
Types of Inventory
Inventory in a Manufacturing Environment
Inventory Costing Methods
Year-End Valuation
Setting up the Inventory Count
Sample 12: Inventory Count Sheet
Worksheet 1: Inventory Count Sheet
Chapter 12: Capital Assets
What’s in the Cost of My Capital Assets?
Depreciation: An Overview
Concepts Involved in Depreciation
Methods of Depreciation
Accounting for Depreciation
Accounting for Sales of Capital Assets
Chapter 13: Leases and Loans
Lease Transactions: An Overview
Accounting for Operating Leases
Accounting for Capital Leases
Accounting for Loans
Reconciling the Loan Balance
Chapter 14: Transactions between the Company and Its Owners
Shareholder Loans
You Pay for a Business Expense out of Your Own Pocket
The Company Pays for a Personal Expense
What Happens If I Run My Business out of My House?
Hey, The Business Uses My Car Too!
What About Other Personal Assets Used for Business?
Setting Up the Management Bonus
Dividends
Chapter 15: Remittances to the Government
What Are Government Remittances?
US Remittances to the Government
Canadian Remittances to the Government
Reconciling the Remittance Accounts
Chapter 16: Maintaining a Petty Cash System
Setting up the Petty Cash Fund
Using Your Petty Cash
Worksheet 2: Petty Cash Control Sheet
Reconciling the Petty Cash Fund
Replenishing the Petty Cash Fund
Chapter 17: Reconciling the Bank
The Bank Statement Arrives
The Reconciliation Process
Sample 13: Bank Reconciliation
What Happens If I Still Can’t Reconcile?
Example of the Bank Reconciliation Process
Chapter 18: When the Damn Thing Just Won’t Balance
The Process of Reconciliation
Backward Posting
Transposition Error
Addition Error
Chapter 19: When Your Books Are Already a Mess
Introduction
Step 1: Organize the Mess
Step 2: Inventory the Documents
Step 3: Gather Missing Documents
Step 4: Enter the Accounting Transactions
Step 5: Reconcile to the Bank Statements
Step 6: Create a Monthly Financial Statement Package
Step 7: Organize Your Bookkeeping for the Future
PART 3: ADVANCED ISSUES
Chapter 20: The Role of the External Accountant
Choosing an Accountant
The Role of the Accountant
What the Accountant Needs from You at Year-End
The Process of Creating Financial Statements
Corporate Income Tax Returns
Posting the Adjusting Journal Entries
Rolling Forward the Year
How Do You Know When You’re Outgrowing Your Accountant?
Chapter 21: Budgeting: Planning for the Future
But How Do I Know What’s Going to Happen in the Future?
Setting up the 12-Month Budget
Worksheet 3: Budget Template
Aren’t I Just Making up Fake Numbers?
Changes to the Company’s Operations
Rolling, Rolling, Rolling, Keep That Budget Rolling
Chapter 22: Monitoring Cash Flow: How Not to Run out of Money
What Is Cash Flow?
What’s the Difference between Cash Flow and Net Income?
How Do I Know When My Business Is Going to Run out of Money?
Building Your Company’s War Chest
How Can I Stretch My Company’s Cash Further?
Barter: A Small-Business Owner’s Secret Weapon
The Future: How to Avoid the Cash Crunch before It Hits
Chapter 23: A Brief Look at Foreign Currency
Occasional Foreign Currency Transactions
The Foreign Currency Bank Account
Revaluation at Year End
Reconciling the Foreign Currency Bank Account
Foreign Currency Risk
Chapter 24: Tax Planning
Minimizing Tax versus Avoiding Tax
What Is Tax Integration?
Why You Need to Understand Tax Brackets
Deferring Tax Owing versus Getting Rid of It Altogether
Owner/Manager Remuneration: Getting Money out of Your Business
Chapter 25: Graduation
Boot Camp Test
Boot Camp Test Answers
Appendix A: Glossary
Appendix B: Resources for the Growing Business
Acknowledgments
About the Author
Notice to Readers
Self-Counsel Press thanks you for purchasing this ebook.
Part 1
THE BASICS
Chapter 1
Getting Started
The statistics are mind numbing. In North America, 80 percent of all small businesses started this year will be gone in five years. Of the lucky 20 percent to have survived, another 80 percent will be gone in ten years. That’s a whopping 96 percent failure rate over ten years.
Would you start a small business if you were told that you have a 96 percent chance of failure? Not many people would. But every day, hundreds of people think they will beat the odds. They may be former employees, students, housewives, or others who have never had any business training but are sure that their product or service is so fantastic, so completely unique, that they are destined to succeed.
These are the people who walk through the doors of my accounting and consulting practice every day. They want to know how to make a lot of money, how to leverage their businesses, how to go public. I begin to talk to them about their plans for bookkeeping for the business (“Oh, my wife will sort all that out”), what is in thei