Accounting Operations Registration Process
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ScribdTranslationsAccounting Operations Registration Process
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ScribdTranslationsProcess of Accounting Operations Registration
The process of recording accounting operations can be divided into three.
the phases covered by the accounting cycle:
A. Opening or initial: it implies the opening of the accounting books, both in
the case of a company that starts its activity for the first time, as in the one of
the one that has already been developing a productive activity in exercises
precedents.
B. Development or management: extends throughout the annual economic year and
its purpose is to interpret and account for the operations that
they arise as a consequence of the company's activity.
C. Conclusion or closing: it consists of a work of collection and synthesis, by the
which specific modifications or adjustments are made to the accounts, this
collection allows for the preparation of accounting information of the states
financial, which are then made available to all users.
2. Theory of Debit and Credit
It refers to the effect that commercial transactions have, without altering the
equity equation. Each transaction affects the balance, changes the values
in the heritage, but without altering the equality of the equation.
In each of those transactions, at least two accounts are involved.
Types of Transactions in the Theory of Debit and Credit
Increase of an asset; increase of a liability
Increase of an asset; increase of capital
Increase of one asset, decrease of another asset
Decrease of a liability; decrease of an asset
Decrease of one liability, increase of another liability
Decrease of a liability; increase of a capital account
• Capital reduction; decrease of an asset
Rules of Debit and Credit
It must be loaded:
When the asset increases
When the liability decreases
When the capital decreases
It must be paid:
When the asset decreases
When liabilities increase
When the capital increases
Conclusions of the Rules of Debit and Credit
Asset accounts begin with a debit, increase by debiting them,
they decrease by paying them, and their balance is in debt.
Liability accounts start with a credit, they increase by crediting them,
they decrease by charging them and their balance is creditor.
The capital accounts start with a credit, increasing by crediting it,
it decreases by loading it, and its balance is generally creditor.
The capital or income statements; selling expenses and expenses of
administration, they are always charged and, therefore, their balance will be debtor.
The capital or income accounts; financial expenses and products and others
expenses and products can be charged or credited, and therefore their balance may be
debtor or creditor.
Procedure to Register Debit and Credit Transactions
To record the operations, first they must be analyzed, that is,
it must determine the variation that the affected accounts undergo and then,
They must apply the rules of charging and crediting.
Real and Nominal Accounts
Accounts are generally divided into the following classes:
The "real" accounts are those that include assets, liabilities, and
liquid capital of a negotiation, and since they are an integral part of the
balance sheet accounts are referred to as balance sheet accounts.
The 'nominal' accounts are those that record the outflows and inflows of...
trader and are used to formulate the Profit and Loss statement.
Account Catalog
It is a detailed and classified list or enumeration of the concepts that
They include assets, liabilities, and equity, as well as revenues and expenses.
of an economic entity. The preparation of this catalog can be from
form:
Numeric: It consists of assigning a progressive number to each account, which must
create account groups according to the structure of the states
financial.
Decimal: It consists of combining the accounts of a company using the
digit numbers, for each group, having to create account groups first
agreement with the structure of the Financial Statements, and at the same time, each group
subdivide it into a maximum of 10 concepts, and so on.
Alphabetical: The letters of the alphabet are used, assigning one to each account, but
first forming account groups according to the structure of the States
Financial
Alphabetical or alphanumeric: The initial letters of the groups are used and
subgroups, but in the case that there are two groups or two concepts with
the same initial letter will be used in addition to the first letter, another that will serve it
of distinction and is part of the account name to facilitate its
identification.
Combined: Two or more previous systems are used. All of this will depend.
always from the needs of the negotiation or company, and this indicates that to
the accounts that are managed will be assigned a number in an orderly manner for
its easy handling and control.
Logging
Journaling is the action of transferring transaction data to the general ledger.
of the company.
Logging can be applied in two steps:
1. The principle of double entry is analyzed; that is, the account(s) that receive
they are debtors (go to debit); and, the accounts they deliver are creditors (go to credit)
upon hearing it).
2. Record the transaction or bookkeeping entry in the journal.
What is Journaling?
To journalize an account is nothing more than to record the different transactions.
in the corresponding accounting records.
Seats
The records that are documented are called Entries.
Types of Seats
Opening Seat
Management Seat
Adjustment Seat
Closing Seat
Accounting Books
The accounting books are the books that must be kept mandatorily by the
merchants and in which the operations are recorded in a synthetic form
commercial transactions carried out over a specific period of time.
Definition of Accounting Manual
It is a document prepared by the accounting department of a
company, which gives instructions to all accounting staff on how it
they must record the transactions or operations and on the proper use or
management of the accounts.
Estructura de un Manual Contable
The structure of an accounting manual changes according to the type and needs.
of each company, but no matter how simple it is, it must contain the
next structure:
Cover
Introduction
Objectives
Instructions for Use
ACCOUNT NOMENCLATURE
Account Description and Registration Procedure
Financial Statement Models
Main Accounting Books
• The Journal or Daybook. It is where daily events are recorded.
economic. The recording of an economic fact in the Journal book is called
"entry" which is a record of transactions arising from the business.
company.
• The Ledger or Ledger. It contains all the accounts, with all the
charges and credits carried out in them. Summary book of the record that is
a specific account movement. In which also go the
investments (expenses and profits) that the company had during that period of time.
The Book of Balances or Balance: The books of Balances reflect the situation of
company's assets on a given date. The balances are created
when we have transferred the amounts from the account entries to their ledger
mayor
Auxiliary Accounting Books or Sub-Diaries
The Book of Purchase and Sale. These are the books in which transactions are recorded.
resulting from purchases and sales of a period. Its most columns
important are:
Fecha, Proveedor ó Cliente, No. de Documento, Capital Neto, IVA, TOTAL.
• The American Cash Book. This book is kept when the system is used.
journalizer, the particular thing about this is that it handles both the income and
cash outflows.
Conclusion
In this work we can learn all about how the registration process is.
From the accounting operations, what are the main accounting books?
assistant, regarding the accounting manual. It's important to take into account the significance.
of accounting since it allows for good control of all the
operations that we carry out.