Accounting

Introduction This extend has been prepargond for Fred Flint, the owner of Flints return Emporium to consider the following discharges. The business faces a band of problems in its organisation of financial proceedings. Other issues are that a computerised accounting arrangement should be considered over a manual accounting trunk. Both these systems have their advantages and disadvantages. Also listed in this report is certain accounting software that could potentially be serviceable to a business like his. The next major issue that is evident is the sole trade proprietorship and perhaps it efficiency be beneficial to have a fusion or a comp both. These and other(a) smaller issues are resolved in this report. icon Entry A twin entry arranging system is currently the easiest way to keep route of transactions made. The Double Entry Recording system was developed in the mid(prenominal) 15th century to make it easier to magnetic disk and keep railing of transacti ons made. Every transaction involves something being bought and something being sold. As is obvious in the name, the Double Entry testifying schema records two transactions in the same ledger, one on the debit entry side and one on the indite book side. If this is make successfully then every record on the debit side should equal every record on the credit side and vice versa. The advantages of this recording system are that a trial balance can be created to show the trueness of the system and find any faults in the records. While the other major advantage is that the business owner can analyse his figures this year compared with other years easier and enables the easier preparing of the closing report. The bank atonement process involves the completion of business records with the banks record. It is an arbitrary part of the double entry recording system. Bank errors may occur in a companys account that impacts the bank expiation process. The bank and the owner sho uld have the same items so that any errors c! an be identified and makes fraud...If you want to get a full essay, aver it on our website: OrderCustomPaper.com

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