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Manual bookkeeping for small business pdf. |
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Professional fees is kind of a catchall for any other services besides legal and accounting or computer services. Generally, we would see consulting fees computer services, software updates, sales consulting , decorator fees, or other similar expenses in this line. Subscriptions and dues includes any professional club dues, local chamber of commerce dues, professional publications, or any similar items that are business related. Promotions is similar to advertising, but covers the costs of promoting the business in any sale event.
Suppose this business owner had a large sale at each store, putting up tents in the parking lot and bringing an elephant to each store to attract shoppers. This owner chose to list trade shows as a separate line item see Table Notice that only the two leased locations have that expense. The main store does not participate.
Store-specific expenses on the income statement Travel expense is for business-only travel. In this case, this line item reflects the costs of traveling to trade shows. It could also include travel to classes or seminars.
Then we have taxes, which would include the cost of any property or real estate taxes paid at each location. The last expense item is depreciation. Depreciation is a noncash, paper-only expense. It is calculated according to IRS-specified methods.
These assets are posted on the books at their actual cost. Then each month, or sometimes only at year-end, you expense a portion of that cost through depreciation.
In the previous section on balance sheets, we saw how the asset cost, less any depreciation, equals the net value that we call book value. With a glance you know the estimated book value of that asset at its stage of life, be it one year old or 20 years old. This amount is calculated for each store, and for the entire company for the month.
This is 23 percent of the net sales for this month. Then we see the bottom-line figure: profit see Table Each store has a profit, and the company as a whole shows a profit as well. Notice here, too, the numbers vary with store size and location. Profit loss on the income statement The Boulder store has the lowest sales, the lowest cost of sales, the highest operating profit, the lowest total expenses, and the highest profit.
Although this is the smallest store, it has enough sales to cover its costs and expenses, which are kept to a minimum, and enough left over for a handsome profit. The Denver store is the midsize store, but also the only store that is owned by the company.
Then we have the Breckenridge store, the largest, which has the largest sales but not the highest profit. A larger store almost always incurs more expenses and costs—but it still contributes a profit to the enterprise. The owner of this company has a lot to keep track of and probably has an accountant or manager to help him. He should monitor his income statement each month and look for any variations or variances in the percentages.
If one store suddenly has a 5 percent increase in cost, for example, the owner would want to figure out why. An income statement is not a stagnant piece of paper.
Changes can be red flags, or they can signify a positive trend, such as an increase in sales or a decrease in cost. Still, a small business owner should know why sales increased or costs decreased.
More experienced or savvy owners will even be able to predict the changes before they see the statement. Everything you do in your small business will be reflected in your income statement. If you have a 20 percent off sale, and had a great day of sales because of it, that will show up on your income statement.
If you raised prices, that will be reflected, too. It might show up as increased sales because of the higher per-item price, or it may translate to lower sales because a price hike meant less volume sold. We have now looked at a simple income statement, a comparative income statement showing the current month and the year-to-date figures, and a more complex income statement showing multiple locations. This leads us to the third financial statement—the statement of cash flows.
To review, this method specifies that all revenue is realized posted when sold, not when money is received, and that all expenses are realized posted when incurred, not when they are paid.
The accrual method is used so that revenue and expenses are more closely matched the matching principle of GAAP. Most small businesses use the cash method, in which revenue is realized posted when the money is received and expenses are realized posted when paid.
The statement of cash flows is still worth looking at and understanding, even for small business owners who use the cash method. The statement covers a period of time, just as the income statement does. This could be principal paid on loans, accounts receivable collected, accounts payable paid, and so forth. The statement ends with the calculation of the cash added to or used by the company. The statement of cash flows highlights the difference between cash transactions and noncash transactions.
Cash transactions are business transactions that affect cash, such as receipts of cash, bills paid by check, bank service charges, and petty cash disbursements. Noncash transactions are business transactions that do not affect cash, such as owner contributions of equipment, materials purchased on credit accounts payable , and sales made on credit accounts receivable.
The statement of cash flows serves to bring all these cash transactions into one report. A cash flows statement has three sections. This is the net cash brought into the company from operations. It is essential that the company bring in enough funds to cover its operations without having to take out loans or the owner having to contribute personal funds.
Cash from Financing Activities In this section you will see the principal portion paid on any loans, and any moneys received from new loans. Cash from Investing Activities Included in this section are any investments in other companies, cash put into or taken out of any financial investment funds, and so on. Any owner contributions or payments would also be in this section. These items affect cash, but are not on the income statement.
Total cash used means cash spent. Total cash added means cash received into the company. This line shows you the total cash that was accumulated during the month, or the amount of cash decrease for the month. Here we have the three sections: cash from operating activities, cash from financing activities, and cash from investing activities.
The profit loss is for the month of December. Cash Added Used by Operating Activities In this section we start with operating profit or gross margin, which is our revenue, less cost of goods sold less expenses, which gives us our profit for the month ending on December Then we add or subtract balance sheet items that affect cash.
But first we add back depreciation. Next we add in an increase in payables. That increases what we owe but does not use cash. This does, however, decrease our profit, which is why we add it back in now. Now we subtract an increase in receivables.
However, when we post a receivable we also post revenue, which increases our profit. The point of our statement of cash flows is to get back to cash, so we need to subtract the increase in receivables out of our profit because we did not receive the cash.
Next we subtract an increase in inventory. When we increase our inventory that means we have purchased products that have not yet been sold. This uses our cash, but is not reflected on the income statement as an expense.
Rather, it shows up on the balance sheet as inventory. We subtract it from our profit because it used our cash. Cash Added Used by Financing Activities The only item this business has for this section is a decrease in loan principal. In other words, the business made their loan payments, and the interest showed up in interest expense on the income statement.
The principal amount of the payment went on the balance sheet. Now we have the totals for each section, and the grand total of all sections. You see listed the beginning and ending cash balances, and the difference between the two, which represents the change in cash for this time period. Maybe you bought too much inventory. Maybe you need to collect your receivables faster. So this statement of cash flows shows you where your cash is coming from, and where it went.
Did your cash flow out of operations, or was it from a loan or investment? Did your cash get used mostly in operations, was it used to pay down debt, or did you invest some of your cash? Or did you pay it out to the owner by way of a distribution? This statement will tell you all that. Remember, retained earnings is the accumulated profits and losses for the history of the company from the date of its inception.
The statement of retained earnings is used primarily by large, publicly traded corporations, so many small business owners will never see or use it. This statement shows the beginning balance in the retained earnings account, then adds in profit, deducts any dividends paid, and then shows the ending balance in retained earnings. It looks like this see Table Will your business be a corporation that issues stock? Will you have to borrow money to finance start-up costs?
How many employees will you need? A lot of owners mistakenly think that a checkbook is a proper accounting system. The system you choose should be one that makes the process as easy and intuitive as possible so that you keep up with accounting duties.
Computerized systems and software do all the calculations for you, but entail a bit more of a learning curve at the start. At the end of an accounting period month, quarter, year the entries are summarized and posted moved, transferred into a ledger, and then summarized.
The balances in the ledger are then listed in a financial statement. Accountants use many types of journals—cash disbursement, cash receipts, payroll, general noncash transactions , and sales.
The computer automatically summarizes all transactions into journals and posts these totals into a general ledger for you. Actually, your checkbook is a cash journal. Many people use Excel spreadsheets to keep track of their sales, checks, and deposits. This spreadsheet would then be an accounting journal. A journal entry always has two sides: a debit and a credit. For example, when you pay your electric bill, you have two sides to the transaction—a decrease in cash and an increase in utilities expense.
Remember the accounting equation? The left side assets has debit balances, and the right side liabilities and equity has credit balances. Debits and credits are simply the transactions that make up the flow of money into and out of your business. In reality, you would just add a transaction in your checkbook ledger for the electric bill you just paid.
This goes into your general journal paper or computerized , with the following debit and credit entries. Again, the accounting equation stipulates that a debit must equal a credit. An S corporation owner would post that initial investment as a loan from the business to her. She gave the company money, so it owes her that money back. In your cash receipts journal, label the columns to match the types of sales you have in your business see Table Label the columns with the date, who the money came from, the invoice number being paid, and the amount of payment.
Then add a few columns for a specific business use. In this example, the small business owner fixes cars, so she wants to break out income into these categories—supplies, parts, labor, and miscellaneous.
You may want to lump together all the types of income and break it out by location instead. It all depends on how you want to see your income patterns.
Sample cash receipts journal You will also use your cash receipts journal for any miscellaneous income to your business. You may have an interest-bearing checking account. If so, the interest income would be posted into your cash receipts journal. It should look something like this see Table Sample cash disbursement journal In Table 18, take a look at the columns. You need columns for for the check number, the date, the name and description, and the amount. Then there are columns for expenses you incur frequently, such as supplies, rent, and utilities.
Use the last column to put in a description. Use one page a month. List each business transaction as it happens, and keep all deposit slips, receipts, check stubs, and so on in a file folder or large envelope for that month. That way you will have something to back up each transaction. This is important at tax time both because it makes doing taxes easier, and it minimizes chances of being audited.
Keep these journals and file folders or envelopes for three to seven years. Every time you make a deposit or receive cash, write it down in your cash receipts journal. Every time you spend money for the business, write it down in your cash disbursements journal. When your business grows, or if you feel more comfortable using a computerized system, then you can think about using a software program instead of a spreadsheet to record your transactions.
Computerized accounting programs are made to do all the posting of journal entries for you. All you have to do is enter a check or record a deposit. The software does the rest. One last task of business setup is creating a filing system.
You should get a file cabinet or box, and organize it with files for your bills to pay, invoices owed to you, receipts, expenses paid, and so forth. Your system should make organizational sense to you and kept current. You should also keep a reference file for all contracts, employee paperwork, receipts for assets purchased, lease contracts, customer information, and vendor information.
Then, set up a file for accounting records and keep all receipts, sales invoices, bank statements, credit card statements, bills paid, and tax returns. Keep these records together by year, and keep them for seven years. Two classes of stock are used in small businesses: common and preferred. Common stock is used more than preferred stock.
And if the business fails, the owners of preferred stock get preference in receiving their investment back over common stock owners. Large corporations listed on the stock exchange have many investor-owners and keep watch over their stock values all the time. Small companies, however, usually only have one or maybe a handful of owners, and the issuance of stock is merely the initial investment of cash into the business.
This transaction will show on your balance sheet, as seen in Table It will affect the asset and equity section by increasing your balance in your cash account and in your common stock account.
As with all balance sheets, notice that the total assets equal the total of all liabilities and equity accounts. Hiring employees and setting up payroll is not something to be taken lightly. In fact, you will need to be aware of, and adhere to, many laws and regulations. You should have application forms, employee review forms, and so on.
Keep employee records in a safe place, preferably a locking file cabinet. First, check out the Department of Labor website and your state website for minimum wage laws and overtime regulations. You will also need an I-9 Form for each employee to prove that he or she is legally able to work in the United States. This is the number that will identify your business to the IRS as an employer and taxpayer.
Here you will sign up to make your payroll tax payments online. You will find the rules for payments on the IRS website. Basically, you have to pay the employer taxes either every time you pay your employees semi-monthly payer or each month monthly payer. Social Security is calculated at 6.
Medicare is calculated at 1. There are limits on these taxes, and they change every year, so check the IRS website each year to keep current.
The total is then remitted to the IRS. Some states collect school district taxes as well. Look for the Department of Taxation, and search for Employment Taxes to find the tax tables for your state. You will need to file paperwork with your state tax department to submit and pay employment taxes for your employees. Your employees may also live in a different locality that requires them to pay a local tax on their wages.
You can withhold and pay that tax for them if you choose. Go to your city website and search for employment taxes, or business taxes, and look for withholding taxes. You will need to apply to withhold and pay local withholding taxes as well.
Go to the IRS website for details. Some states allow a business to self-insure. Check your state website for more information. Then there are other fringe benefits or withholdings for your employees, such as child support payments, garnishments, health savings account deposits, and medical premium payments. See note A. The employer portion not the employee portion of the FICA taxes will also show on your Income Statement under expenses.
See note B. The tax return Form is filed at year-end. FICA and federal withholding taxes are either paid with each payroll or paid once a month. That tax return Form is filed quarterly. State withholding and local withholding taxes have returns also, and those are filed and paid quarterly.
You will want to be in business for at least two years before you try going to a bank for a loan. But there are other means of borrowing, from family to credit cards to k loans. When borrowing from friends or family, and even from yourself, be sure to create a legal promissory note that states the amount borrowed, any interest that will be paid, and the date the amount will be repaid. File this with your important business papers.
Sometimes small business owners use a credit card for expenses or even equipment purchases. This is handled a little differently than borrowing from a bank. At the end of the month, you get your credit card statement. You would then incur interest expense and an increase in the credit card payable the amount you owe. You will need to provide the bank with two or three years of financial statements, and usually a cash flow projection for the coming year. You will probably need to sign a personal guarantee as well.
Make it a habit to check your personal credit at least yearly, and to establish some business credit as well. Good credit will make borrowing much easier. Set up a few vendor accounts when you can. That means the vendor will allow you to purchase on credit and will send you a bill to pay, rather than make you pay upon purchase.
Then get a business credit card and pay it promptly. This will help build business credit. Always try to keep your personal credit clean as well, and make all payments on time—your personal credit will be just as important as your business credit, at least until the business establishes several years of credit on its own. Bank Borrowing When you borrow money from a bank, you will receive a lump sum, which you will deposit into your bank account.
You will then make payments to the bank each month. These payments will be part principal loan amount and part interest. The interest portion, however, is an expense and will show up on your income statement.
Simple interest is calculated based on the amount borrowed, the rate of interest, and the number of months the amount is borrowed for.
Direct costs are costs directly associated with producing your product or providing your service. Indirect costs also called overhead are costs needed to operate the business, but are not directly involved in making the product or providing the service. These would be things like rent, electricity, phone and Internet service, administrative employee wages, advertising costs, accountant fees, IT services, attorney fees, and business insurance. These costs need to be paid regardless of whether you make any widgets.
Do the research so you have a general sense of what your costs will be. Next up is buying the essential equipment for your company. Once you do that and have a place to do business , then you can finally start operations.
You may need lawn mowers and leaf blowers, or you may need kitchen equipment, or you may need table saws and other power tools. Whatever the specific equipment needs of your business, you will need to keep track of those assets. Property, plant, and equipment is a specific asset class on your balance sheet and includes buildings, building improvements, and equipment used in your business. When you buy equipment, you have just purchased an asset. But what is considered the real cost of that asset?
The cost of an asset includes the purchase price of the asset, plus any costs associated with getting it to you and ready to use. You will need to have it delivered and set into place in your restaurant. These assets would show up on your Balance Sheet. If you are starting up a lawn care business, you would need at least a mower, a trimmer, and a trailer to haul your equipment from job to job.
Asset accounts, like equipment or vehicles, show on your Balance Sheet as in note B. If you are starting a doggie day care, you will need a place to keep the dogs. The house is personal property.
The outbuilding and fenced-in area will be business property. So the mortgage is not a business loan since you will owe the mortgage personally. You will then technically lend the company the amount allocated to the outbuilding and land, which will be the business assets.
Assets are listed on one side, and liabilities and equity on the other remember the accounting equation. See note C. That just means you owe somebody for that purchase. Instead of paying cash at the point of purchase, you agree to pay in 30 days. If you manufacture products, you will have different materials that go together to make that product. You will also have finished products on hand. These parts and products are called inventory. Inventory is an asset. She buys one-by-six lengths of lumber for her houses.
She buys shingles for the roofs, and dowels for the birds to stand on to get into the house. She also purchases nails to put the pieces together, as well as metal to use as hangers. These are all parts of the finished product. Both of these accounts are on the Balance Sheet.
Sally uses the materials to start building birdhouses. And in 30 days she pays the bill to the lumber yard. These accounts will appear on your Balance Sheet, see note B. You may have employees to track hours for and pay, bills for materials and overhead, and inventories to manage. As you make products or provide a service you may have employees helping you, or you may subcontract out the work. If you have one or more employees, you will need to pay them—weekly, biweekly, semimonthly, or monthly.
You will need to have time cards or some other way for them to track their hours. And you will need to calculate payroll see the previous section on paying employees. When you pay your employees, keep shop wages separate from management and administrative wages.
Because shop wages—wages for employees directly making products or providing services—should be included in your cost of goods sold, whereas management and administrative wages should be listed in your expenses. Remember that on the Income Statement, the cost of goods sold section is in between the revenue section and the expenses section see Table Besides COGS, many other costs are associated with running a business.
When you incur these costs, either you pay them at the time or you pay them on time, usually in 30 days. When you pay them at the time, you have a cash disbursement. These expense accounts appear on your Income Statement.
Posting your bills into a computerized accounting system, to pay later when due, is one way of dealing with accounts payable. The computer system can then display a report that will show you all the bills that are due, or due by a certain date. At the beginning of each month, pay the bills in the corresponding folder. You could also keep a running list of bills and their due dates, so at any time you will know how much you have outstanding in accounts payable see Table Accounts payable detail Another cost of doing business is depreciation, a noncash expense.
Depreciation represents the devaluing of your assets as you use them. For instance, a piece of machinery may have a useful life of 10 years. To show this, on the income statement we list an expense account called depreciation expense, and on the balance sheet we have an asset account called accumulated depreciation. This reflects the wear and tear on the machine and more closely approximates what it would be worth for if you chose to sell it.
Table 22 illustrates where accumulated depreciation shows on the balance sheet. On the Income Statement statement below, you will find depreciation expense shown in note B. How do you calculate depreciation? The IRS has specific rules on depreciation of property. There you will find classes of assets, useful lives, methods of depreciation, and depreciation schedules. When Sally builds a birdhouse, she has used inventory items and should make a journal entry to transfer the cost of building the birdhouse from inventory to cost of goods sold COGS.
Cost of goods sold is the account that keeps a running balance of the direct costs of manufacturing products. You post direct labor to your COGS account as well as freighting costs, subcontract costs, and any other cost of directly manufacturing the product. She needs to take those material costs out of inventory and move them into COGS.
So she makes the entry below, which increases the COGS account and decreases inventory, which is an asset account. For the placement of cost of goods sold on an Income Statement, and inventory on the Balance Sheet, see note A.
When you sell a product, you receive cash or a promise to pay. That promise to pay is called accounts receivable and is the opposite of accounts payable. When you have an accounts payable, you owe somebody, and when you have an accounts receivable, somebody owes you. You need to track your accounts receivable, and make sure your customers pay on time.
A computerized software accounting program will do this for you—all you need to do is prepare the invoice, mail it out, then monitor your accounts receivable balance. This is called an accounts receivable journal see Table You should also start a file for accounts receivable. You may want to include a sheet or file folder for each customer and list their specific invoices and related amounts and dates.
Give the customer 30 days to pay. Send out a reminder in 20 days, as a courtesy. When you sell a product or service , you receive cash and make a sale.
The sales tax amount is recorded as a liability payable because she has collected the tax from the customer and then has to pay it to her state tax department. At the end of the month, when she pays the tax, she would make another journal entry for the cash disbursement. See note D. There are also bad debts, when a customer does not pay. So you have to write it off the books.
Another situation that will come up when you sell products is returns. A customer may return some widgets because they were damaged or not what the customer expected. You will then give a credit for the damaged merchandise. Accounts Receivable can be found on the Balance Sheet. See notes A and B. Unearned revenue is an asset account and will therefore show up on your Balance Sheet. Since you have the order, you must now produce the goods.
You buy the needed materials. Then you pay employees to build the widgets. This could be heat-treating metal products, painting, or some other finishing process. The widgets are now finished and ready to deliver. You move those costs to your cost of goods sold account to reflect the use of inventory items and labor for production.
You take the sale out of unearned revenue because since it has been delivered, it is earned, and the customer now owes you payment in 30 days. So you prepare an invoice to be sent to the customer, and book the account receivable. See note A on the Balance Sheet. In order to stay on track, you should look at your invoices weekly and send out reminders to any past due customers.
First, figure out your overhead costs. What does it cost you to do business? Calculate these costs for a month. Then figure out how many widgets you can make in a month average.
Then you can calculate an average overhead cost per widget see Table Then all the revenue and expense accounts start fresh with a zero balance for the new month. After that, accountants typically prepare official financial statements for the month just closed and for year-to-date of course, the statements can be prepared any time you need or want them. There are many different kinds of insurance coverage general liability, premises, theft, etc.
You need to consult an insurance agent to discover which policies will best protect you and your business. If you purchase an insurance policy, but only make a down payment, then you have a cash disbursement for that down payment. Each month, or quarter, when you make the next payment, you would post another cash disbursement check for that amount. This way you are expensing the insurance premium cost evenly throughout the year.
Remember, one of the generally accepted accounting principles is the matching principle. Accountants try to closely match the timing of revenue and expenses. You would do that each month until December 31, when prepaid insurance would have a zero balance. When you do that, you incur an accounts payable, as discussed above. Yet to be discussed are purchase orders. You can also designate a job or project number for reference. Using purchase orders is a good way to prevent employee theft.
There are five steps to using purchase orders: 1. Fill out and submit a purchase order when you order materials or supplies, then file it. If there is an issue with the order, deal with any discrepancies. If an order comes in without a PO, have your designated employee contact you. If there is no purchase order, it may be a fraudulent purchase. Have a different employee receive the materials and check the purchase orders. This will decrease the likelihood of an employee ordering something for himself.
You will enter the invoice in your computer software as a bill that is due, also called an account payable. The materials account, a cost of goods sold account, is also called purchases by some companies. It can be seen on the Income Statement, note A. As you go through your order, and compare it to the purchase order, you may find that you received a different part than what you ordered, or that some parts were broken or damaged.
You call the supplier and make arrangements to have the items returned to them, and they give you a credit for the damaged or incorrect parts. You would then post the credit as purchases returns, which is a contra cost of goods sold account. That means it has a negative balance—or a balance opposite the purchases or materials account used above.
Then you can write out their payroll checks. Take gross wages and multiply that by 1. For local withholding taxes, take gross wages and multiply it by the applicable tax rate. If there are any other deductions, such as child support or health insurance contributions, deduct them as well. Subtract all the deductions from the gross wages to arrive at net pay. At the end of the month, you need to summarize the wages and taxes withheld.
You should maintain a payroll journal to keep running balances. At the end of the year, you need to prepare W-2 Forms and provide these to your employees by January They need to be filed with the Social Security Administration as well. These forms are available in office supply stores, and many accounting software packages will print them out for you within the system. Table 26 shows what a payroll journal might look like for one quarter.
You would do that for each quarter, and then tally the totals for the year. You will also be able to print out a W-2 Form. To calculate your federal payroll tax liability, you will need to make a calculation. First, calculate the Social Security taxes withheld. Then multiply this amount by two. Because the employee pays 7. Then add the federal withholding tax amount to the Social Security amount. This is the federal tax payment called tax that you will pay to the IRS. The tax you are paying is referred to as tax, since it is filed on IRS Form Table 27 provides an example.
Your state and local withholding taxes will usually be paid quarterly, unless your payroll is rather large. Tax forms can be found on the respective websites. State unemployment taxes are paid quarterly, up to a certain wage limit set by your state. You also need to register for all these taxes when you start your business. Find out from your state department of taxation. You should maintain a file for each employee, and keep their application forms, any performance reviews, wage increases, leaves, and so on documented in the file.
So there is no business income tax. Partners are in the same position as sole proprietors. They receive IRS Form K-1 from the business and use that to prepare their personal income tax returns. The business pays no tax—the partners do. S corporation owners, just like partners, receive a Form K-1 and use that to file their personal income tax returns.
Like sole proprietors and partners, they pay the tax personally. S corporations pay no federal tax. Regular, or C corporations, do pay business income tax. Corporations file an IRS Form , and they do pay income tax on their profits. Income taxes are calculated and paid with the tax return.
If a large amount is due, your tax preparer may set the business up to pay estimated tax payments throughout the year. You would post these to an asset account called prepaid taxes. State and local income taxes would be handled in the same manner. Prepaid expenses are an Asset, and will appear on the Balance Sheet. Income Tax Expense will appear on the Income Statement. See the notes cited above. Stockholders also called shareholders may number just two or three, or they may number in the hundreds or thousands.
How does this happen? Use this purchases register to record all bills received in date order. Use one form per vendor. See at a glance all the bills grouped under each vendor's name. List out all your unpaid bills - use the cash flow form see below to help you figure out when you will have enough money to pay them.
Keep a tracking register of your business assets can be used as a personal assets register too. Calculate and record the depreciation expense of your assets. This is what you need if you are doing your bookkeeping without accounting software. It will help you figure out if your business is making a profit or loss. The free balance sheet template will help a business owner figure out what the business is worth.
A report for tracking your cash available to pay bills. You can list the bills due for payment in the days or weeks ahead and monitor the bank expected bank balance. These blank accounting forms are perfect for students or business owners!
You have permission to print and use any of them - a reference back to this website would be appreciated. This download has two pages. One page has a detailed list of common account names on a general ledger with boxes to tick the ones you want to use.
The other page is a blank template so you can write out your own account names. A bookkeeping journal sheet to help you record the 'story' of your daily financial transactions as per bookkeeping journals. This is a great template to use if you need to practice entering journals into the bookkeeping t-ledgers. Enter in all debits and credits to balance the books. Used when moving accounts to new software or to confirm year-end balances.
Shows how the five main bookkeeping accounts are affected by the debits and credits in the double-entry method of bookkeeping. This sheet displays the accounting equation with a short description of each category.
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