Happy Accountant: Accounting Blog & Online Accountant

* The point of carrying out a bank reconciliation is to check that nothing has been missed from the business’s records and also to ensure that there have been no bank errors. A business’s cash book will rarely agree to the bank statement and it can be easy to miss transactions, such as direct debit [read more]

*In doing a journal, it is important that it is cross referenced properly so that later, if you or your accountant needs to, you can follow the original “logic” for having done the journal.  Accountants refer to this as being able to follow the audit trail.  This applies whether or not you actually have your [read more]

*A journal is usually used to correct errors that have been made.  The errors must be able to be corrected by means of a double entry, to be able to put it right by journalling. So, if £500 of sales of square widgets had been incorrectly posted to sales of round widgets, the correcting journal [read more]

*Who says accountants are no fun?  Accountants jokes and fun is a blog collection of jokes for and about accountants, blogged by Mark Lee, an accountant himself (although no longer in practice). *

* T accounts are what ledger accounts might look like if they were kept on paper (as opposed to using computer software).  They are nothing mysterious, drawn on paper, a T account is quite literally a large T!  The title of the ledger (for example, “motor expenses” is written across the top), debit entries against that account [read more]

*I have been at the PUB (not that pub), the PowerUpBlog of Ingenuity Marketing (thanks to Michelle Golden at Golden Marketing for bringing this one to my attention) reading their what’s your story post and I’ve realised that I am guilty of giving off negative vibes about my profession. I am apologetic at times, when I mention what I do [read more]

*The nominal ledger summarises the finances of a business.  It contains details of assets, liabilities and capital, income and expentiure and therefore profit and loss. It is made up of a large number of different accounts (and are frequently subdivided for convenience, ease, confidentiality or security). The nominal ledger is often referrered to as the [read more]