Organizing the Bookkeeping System组织簿记系统.ppt

Topic 8
Organizing the Bookkeeping System
Learning Objectives
Explain the purpose of accounting records and their role in the accounting system
Prepare accounts for dales and purchases, including personal accounts
Prepare cash and bank accounts
Prepare petty cash statements under an imprest system
Prepare nominal ledger accounts and journal entries
Prepare accounts for indirect taxes (. Sales tax)
Explain, calculate and prepare accounts for inventories
Main Divisions of the ledger
Sales Ledger / Receivables Ledger
Purchase Ledger/
Payable Ledger
Cash Book
Nominal Ledger/
General Ledger
All Receivables Accounts
Specific Transactions to be recorded
All Payables Accounts
All Bank and Cash Accounts
All Other Accounts
Books of Prime Entry
Sales daybook
Purchases daybook
Sales returns daybook
Purchases returns daybook
Cash book
Petty Cash book
Journal entries
Cash Book
Cash book - for receipts and payments in cash and through the bank (cheques and BACS transfers)
Petty cash book- for low value expense payments
Petty Cash Book
The petty cash book usually operates an Imprest system whereby an agreed balance of cash is held by a nominated individual.
Pre set limit say $400
Voucher is filled in when money is taken out
At any time Voucher + Cash = $400
The petty cash book is filled in from the vouchers
The amount used is restored on a regular basis to the pre set limit.
Characteristics of imprest system
Operating a Petty Cash Fund
Petty Cash
CompanyCashier
Petty Cashier