What is minimum requirements for accounting inside OfficeCentral?

Published at 2015-11-04 14:38
OfficeCentral Accounting is designed to be used by beginners and experts alike.

MINIMUM REQUIREMENTS FOR ACCOUNTING

For regular accounting and filing GST report, you need to have the following:
  •     Accounting Period
  •     Chart of Account
  •     Cash and/or Bank Account
  •     Debtor
  •     Creditor
  •     Revenue Accounts
  •     Overhead
  •     Received Invoices
  •     Cash/Direct Purchases (Issued Payments)
  •     Issued Invoices
  •     Cash/Direct Sales (Received Payments)

Accounting period is a time range that can be used to calculate accounting data (profit and loss, cash flow etc). Common accounting period used includes 1 Jan – 31 Dec and 1 July – 30 Jun.

Chart of Account (CoA) is a list of accounts used to indicate movement of money in your company. In enables us to track purchases and revenue in detail. CoA consists of Header that act as an umbrella of the accounts and Detail that is the account itself.

Cash Account is a type of account in CoA for cash handling. For example, cash currently in your office can be recorded as CASH IN OFFICE account in your CoA.

Bank Account is the bank account that you have for your company. For example, if your company has three bank accounts, you may have

Debtor is the list of accounts that have debt with you. For example, when you issue invoice totaling RM 1,000 to Customer A, the account Customer A is shown as having a Debit of RM 1,000. It indicates Customer A has debt of RM 1,000 to you.

Creditor is the account for an entity that you have debt with. It includes your utility provider, office rental company and your supplier.
Revenue Accounts is the account that you record your revenue. Required account for Issue Invoice or Cash/Direct Sales transaction.

Overhead consists of expenses including wages paid and office expenses.


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