Parish Chart of Accounts
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Basic Bookkeeping and Reimbursable Services
Basic Bookkeeping and Reimbursable Services Introduction to bookkeeping Bookkeeping is involved in the recording of a company’s transactions. The preferred method of bookkeeping is the double-entry method. This means that every transaction will be documented at least two ways. For example, if a company borrows $10,000 from its bank… 1. An increase of $10,000 must be recorded in the company’s Cash account, and 2. An increase of $10,000 must be recorded in the company’s Loans Payable account. The accounts containing the transactions are located in the company’s general ledger. A simple list of the general ledger accounts is known as the chart of accounts. Prior to inexpensive computers and software, small businesses manually recorded its transactions in journals. Next, the amounts in the journals were posted to the accounts in the general ledger. Today, software has greatly reduced the journalizing and posting. For example, when today’s software is used to prepare a sales invoice, it will automatically record the two or more effects into the general ledger accounts. The software is also able to report an enormous amount of additional information ranging from the detail for each customer to the company’s financial statements. Accounts General ledger accounts are used for sorting and storing the company’s transactions. Examples of accounts include Cash, Account Receivable, Accounts Payable, Loans Payable, Advertising Expense, Reimbursable Services Received, Interest Expense, and perhaps hundreds or thousands more. The amounts in the company’s general ledger accounts will be used to prepare a company’s financial statements such as its balance sheet and income statement. -
One Washington Draft Chart of Accounts Model
A Business Transformation Program One Washington Draft Chart of Accounts Model A Business Transformation Program July 20201 A Business Transformation Program Table of Contents Overview .............................................................................................................................. 3 COA strawman ..................................................................................................................... 4 Element Definitions ............................................................................................................. 5 2 A Business Transformation Program Overview About the Chart of Accounts (COA) The new COA is a set of numbers that will tie together financial data across the state. As you will see in the attached COA “Strawman,” each set of numbers provides a different piece of accounting information such as agency name, department name, and geographic location. As the state moves towards a single, integrated Enterprise Resource Planning software system, it will be important for the state to have a single, standardized COA for all agencies. Today, each agency has its’ own COA and they are not standardized across the state. Important caveat: The new COA is a draft and not final – it will be updated and refined after a systems integrator is onboarded this fall. We are sharing the draft “Strawman” now so you can begin thinking ahead about what the new statewide COA will look like and consider what resources your agency will need to complete the work. Objectives and Approach of the Draft -
Issue Paper Chart of Accounts (Version 2018-April)
Issue Paper Chart of Accounts (Version 2018-april) Date April 20th 2018 Topic Chart of Accounts Author Frans HIETBRINK 0. Content 0. CONTENT ....................................................................................................................................................................... 1 1. INTRODUCTION ............................................................................................................................................................. 2 1.1. INTRODUCTION OF FACTSHEET ............................................................................................................................................. 2 1.2. INTRODUCTION OF SBR ...................................................................................................................................................... 2 1.3. INTRODUCTION OF CHART OF ACCOUNTS ............................................................................................................................... 3 2. DOCUMENTATION ......................................................................................................................................................... 3 2.1. DOCUMENTS .................................................................................................................................................................... 3 2.2. WEBSITES ........................................................................................................................................................................ 3 3. CHART OF -
G&A101 Chart of Accounts
FP13 Category: FINANCE CHART OF ACCOUNTS I. PURPOSE To facilitate the record keeping process for accounting, all ledger accounts should be assigned a descriptive account title and account number; to provide the method for assignment and maintenance of the Agency’s chart of accounts in order to produce meaningful financial data for the Agency. II. SCOPE This procedure applies to all general ledger accounts. III. DEFINITIONS Chart of Accounts – A categorized listing of all account titles and numbers being used by an organization to track income, expenses, assets, equity, and liabilities is called a Chart of Accounts. IV. POLICY A. DESIGN OF ACCOUNTS • Accounts should have titles and numbers that indicate specific ledger accounts such as Cash in Checking, Furniture and Fixtures, Accounts Payable, etc. • Accounts should be arranged in the same sequence in which they appear in the financial statements. Asset accounts should be numbered first, followed by liability accounts, owner’s equity accounts, revenue accounts and expense accounts: 1000 - Asset Accounts 2000 - Liability Accounts 3000 - Owner’s Equity Accounts 4000 - Sales or Revenue Accounts 5000 - Cost of Sales/Administration Accounts Page | 1 Adopted: 8/09/2017 FP13 Category: FINANCE 6000 - Debt Service Accounts 8000 - Other Accounts B. DESCRIPTION OF ACCOUNTS • Each account should be given a short title description that is brief but will allow the reader to quickly ascertain the purpose of the account. • For training and consistent transaction coding, as well as to help other non-accounting managers understand why something is recorded as it is, each account should be defined. Definitions should be concise and meaningful. -
P583--1997.Pdf
Department of the Treasury Internal Revenue Service Contents Introduction ........................................................ 1 What New Business Owners Need To Know .. 1 Publication 583 (Rev. October 1997) Forms of Business ............................................. 2 Cat. No. 15150B Identification Numbers ...................................... 3 Employer Identification Number (EIN) ............. 3 Starting a Payee's Identification Number ......................... 4 Tax Year .............................................................. 4 Business and Accounting Method ............................................ 4 Business Taxes .................................................. 5 Income Tax ...................................................... 5 Keeping Self-Employment Tax ...................................... 5 Employment Taxes .......................................... 5 Records Excise Taxes ................................................... 7 Depositing Taxes ............................................. 8 Information Returns ........................................... 8 Penalties .............................................................. 9 Business Expenses ........................................... 9 Recordkeeping ................................................... 10 Why Keep Records? ........................................ 10 Kinds of Records To Keep .............................. 11 How Long To Keep Records ........................... 14 Sample Record System ................................... 15 Where To Go -
Accounting for Petty Cash and Cash Short and Over by Laurie L
PrinciplesofAccounting HelpLesson #6 Accounting for Petty Cash and Cash Short and Over By Laurie L. Swanson Click the button below to navigate to the next slide. Cash Cash is one of the most important assets a business owns. Cash is the primary asset used to acquire other assets as well as to pay for operating expenses. Internal Control for Cash Because Cash is a highly desirable asset and is readily transferable, internal control over cash is especially important. Petty Cash Another internal control is to keep as little cash on hand as possible. It is often necessary, however, to keep some cash on hand. Cash kept on hand at a business to pay for small items such as postage due, a birthday card, or fuel expenses is known as Petty Cash. Petty Cash Petty Cash is generally kept in a petty cash drawer and payments are made for miscellaneous items out of this cash. Establishing A Petty Cash Fund A Petty Cash fund is established by cashing a check for the amount determined to be included in the Petty Cash fund. This amount varies by company and may be as small as $25 or as large as $500 depending on the company’s needs. Journal Entry for Establishing A Petty Cash Fund Assume that JCC has determined that $125 cash should be kept on hand for miscellaneous expenses. A check will be written on JCC’s checking account and JCC will put $125 cash in a Petty Cash drawer. The following journal entry should be recorded for this transaction. Petty Cash 125 Cash 125 Established Petty Cash Fund Internal Control Over Petty Cash Petty Cash is paid out in exchange for a petty cash voucher signed by both the recipient of the cash and the petty cash controller. -
XBRL and General Ledger Executive Summary
XBRL General Ledger XBRL.org 1 of 3 Executive Summary Last update: 23-April-2001 Comments? [email protected] XBRL General Ledger EXECUTIVE SUMMARY AND STRATEGIC OVERVIEW Business success requires measurement, analysis and communication of information found scattered throughout an organization and from outside sources. This business intelligence includes both traditional accounting and operational measures and new metrics found in ValueReporting. Until now, the tools to effectively capture, analyze and reuse this information have been limited, expensive, and difficult to implement. Now, there is XBRL GL. The opportunity XBRL GL is a new tool designed to overcome the inefficiencies of disparate, non-integrated and outsourced accounting and financial systems by using the power of XML - the Extensible Markup Language. XBRL GL is an agreement on how to represent accounting and after-the-fact operation information - anything that is found in a chart of accounts, journal entries or historical transactions, financial and non-financial - and transfer it to and from a data hub or communicate it in a data stream. That lets adopters of XBRL GL more easily bridge the gap between operational, off-site or outsourced systems and their back office accounting and reporting systems. XBRL GL is chart of accounts independent. It does not require a standardized chart of accounts to gather information, but it can be used to tie legacy charts of accounts and accounting detail to a standardized chart of accounts to increase communications within a business about what needs to be measured and why. XBRL GL is reporting independent. It collects general ledger and after-the-fact receivables, payables, inventory and other non-financial facts, and then permits the representation of that information using traditional summaries and through flexible links to XBRL for reporting. -
XBRL: One Standard – Many Applications
XBRL: One standard – many applications 46 by Bruno Tesnière, Richard Smith and Mike Willis the journal • Tackling the key issues in banking and capital markets Bruno Tesnière Richard Smith Mike Willis Partner, Global XBRL Co-leader Director, Global Risk Global XBRL Co-leader and Founding Management Solutions, UK Chairman XBRL International Tel: 32 2 710 72 26 Tel: 44 20 7213 4705 Tel: 1 813 351 2795 Email: [email protected] Email: [email protected] Email: [email protected] 47 XBRL is a universal information format and formatting of the information needed in these formats (html, pdf, doc, etc). which offers tremendous opportunities for for running the business can be slow, The link between format and content can the financial services industry in terms of prone to error and extremely costly. only be broken by manual parsing (search cost reduction, efficiency gains and data and retrieval) processes, which are labour- analysis. XBRL can be used by banks to Proprietary data standards are often put intensive, time-consuming and prone to radically reduce the time and costs in place for internal purposes but they inputting errors. These factors can drive associated with key business processes require proprietary data translation the cost of producing information up to such as credit analysis and monitoring, schemes so that back-end systems are able a level where, although the information and streamline their own business to retrieve that information. Even less is available, it is effectively redundant. reporting processes. XBRL also allows efficient, electronically delivered disparate information systems to information on the web is today just a XBRL provides a solution to many of communicate seamlessly with each other digital duplicate of a paper report; it is not these problems by making the reported over the internet. -
Simple Bookkeeping Records
SIMPLE BOOK KEEPING RECORDS This document was produced by Diane West www.dijest.net for GAVS, funded by the Royal Borough of Greenwich. No responsibility is taken for the accuracy and content of the document which was revised in March 2014. If you have any further questions after you have read these documents, please contact GAVS at 020 8858 1363 or [email protected] This document gives examples of the following accounting records: Simple budget preparation Cash received book Cash paid book A sample Payment Authority Voucher Petty cash book Bank Reconciliation Budget Comparison Account Balance sheet BUDGET The XX Charitable Association applied to the Royal Borough of Greenwich for a grant of £30,000 for one year. The application was based on the following budget. Estimated Income £ £ Income from mother tongue classes 1,000 RBG – One off grant 4,000 RBG – running cost grant 26,000 Total estimated income 31,000 Estimated Expenditure Furniture and Equipment (One off) 4,000 Salary for one worker 16,000 Employer’s National Insurance 1,670 Staff recruitment advertising 900 Rent, rates, light and heat 2,400 Telephone and postage 600 Printing and stationery 500 Publicity 430 Travel Expenses 640 Insurance 200 Training and conferences 500 Mother tongue classes 2,000 Bank Charges 80 Audit fee 400 Other sundry expenses 680 27,000 Total estimate expenditure 31,000 £4,000 of the grant was a once-off ‘capital’ sum needed by the project to purchase furniture and equipment. The balance of £26,000 was required to cover ongoing expenditure. CASHBOOK The cashbook is a record of all receipts and payments of an organisation. -
When to Debit and Credit in Accounting
When to Debit and Credit in Accounting Journal entries show a firm’s transactions throughout a period of time; for example, when a company purchases supplies a journal entry will show the amount of supplies bought and money spent. According to the practice of double-entry accounting, every journal entry must: • Include at least two distinct accounts with at least one debit and one credit. • Have the total monetary amount of debits equal to the total monetary amount of credits. • Be consistent with the accounting equation, Assets = Liabilities + Equity. (Wild, Shaw, and Chiappetta, 55) An asset is loosely defined as a resource with economic value that a particular firm has, and includes accounts such as cash, accounts receivable, and office supplies. Liabilities are the debts and obligations a company accumulates in operating the business; it includes accounts such as accounts payable, wages payable, and interest payable. Equity represents the amount of ownership in an asset that is not financed through debt. Equity begins with the owner’s capital, which are personal investments of assets by the owner, and grows as revenues are accrued over the course of business operations. Equity shrinks when the owner withdrawals capital and/or expenses are incurred. Thus the accounting equation, Assets = Liabilities + Equity, can be roughly translated as, “things we have are backed by things we owe and things we own.” A chart of accounts, which list commonly used accounts and their type, is included as an appendix in most accounting text books. The following diagram depicts the accounting equation such that equity is broken down into the component accounts of Capital, Withdrawals, Revenue, and Expenses, and illustrates how each type of account reacts to debits and credits. -
Workflow and Process Control – Charles Hoffman, Cpa
MASTERING XBRL-BASED DIGITAL FINANCIAL REPORTING – PART 3: WORKING WITH DIGITAL FINANCIAL REPORTS – WORKFLOW AND PROCESS CONTROL – CHARLES HOFFMAN, CPA 1. Workflow and Process Control The purpose of this section is to discuss the workflow and process control related to the creation of XBRL-based digital financial reports. A financial report is the end of a process from the perspective of a reporting entity. That is exactly correct from the perspective of a reporting entity. But, from the perspective of a financial analyst that is making use of the reported information, the financial report is the beginning of a process. Perspective matters. What we are working with here is not a “silo”, rather it is more of a “chain”. This section shows you how you create an XBRL-based digital financial report. Many times, reports will be automatically generated from an accounting system. 1.1. Workflow Basics Per Wikipedia, workflow is defined as, “A workflow consists of an orchestrated and repeatable pattern of activity, enabled by the systematic organization of resources into processes that transform materials, provide services, or process information.1” From a computer science perspective, workflow is “The computerised facilitation or automation of a business process, in whole or part2”. From a computer science perspective, workflow is concerned with the automation of procedures where documents, information or tasks are passed between participants according to a defined set of rules to achieve, or contribute to, an overall business goal.” Workflow is often associated with Business Process Management, which is concerned with the assessment, analysis, modelling, definition and subsequent operational implementation of the core business processes of an organisation (or other business entity). -
GA-505 Chart of Accounts Policy Prepared By: Ken Johnston Approved By: Brian Laffey
GA-505 Chart of Accounts Policy Prepared By: Ken Johnston Approved By: Brian Laffey Effective Date: 06/01/2010 Purpose The chart of accounts is structured to ensure the Controller’s Office can manage the stewardship of the university’s funds, produce financial statements per Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards (FASB) and federal and non-federal funding agency regulations. Policy The chart of accounts is a listing of elements in the university’s financial system using numeric characters to designate the transactions that comprise the Balance Sheet (Assets, Liabilities and Net Assets) and Income Statement (Revenue and Expenses). Definitions The university’s chart of accounts consists of four segments totaling 18 digits. Each segment has a numerical value and a text description. These segments provide the organizing framework for budgeting, recording, and reporting on all financial transactions. The four segments are referred to as the Fund, Organization, Account and Program or commonly referred to as the FOAP. The FOAP string is required to post to the operating ledger while only the fund and account is required to post to the general ledger. 1. The first segment (six digits) is the Fund. The Fund element is used to specify the funding source. The fund is also tied to a fund type which allows more consolidated reporting. 2. The second segment (four digits) is the Organization. The Organization identifies the unit that is responsible for the financial activity captured within the code. PI Org refers to organizations set up based on the principal investigator of the grant. 3.