Digital Bookkeeping Systems Flashcards
Automation bookkeeping?
Automation bookkeeping?
.Handwritten books to store records but now
organisations use digital systems.
Manual bookkeeping process steps
1. Translations - recorded by category
2. Books of prime entry - using double-entry bookkeeping
3. Ledger accounts
4. Extract a trial balance
Digital bookkeeping?
Digital bookkeeping?
.Automatically carries out reconciliations such as:
-Cash book to bank statements
-Receivables and payables ledgers to their respective
control accounts.
.Can automatically produce a trial balance, meaning that the organisation owner can easily produce a snapshot of their finances in real-time.
.Entries can be duplicated in order to save time e.g. a rent payment that is exactly the same each month can be processed as a recurring entry.
Posting sales
Posting sales
DETAILS REQUIRED
- Invoice date and reference number
- Customer name/reference = so the transaction is
posted to the correct customer account in the
receivables ledger.
- Net, VAT, and gross amounts
- General ledger code
