What do accountants actually do? Well, accountants are everywhere. Even on YouTube!
This is for any student who may be reading this - although, caution is needed, as the clip is American some content is not relevent to the UK.
Balance per cash book
less any bank payments
plus any bank receipts
Corrected cashbook:
less any cheques paid in but not cleared
plus any cheques drawn (paid out) but not cleared
Balance per bank statement:
Note that this is only one way of laying out a bank statement. With the advent of accounting software, a written bank reconciliation such as this is [...]
Once a business decides that a debt is bad, a write-off is required.
The effect of such a write off is that the value of the debtor (as a current asset) falls by the amount that is being written off and the profit also falls by the same amount.
Zero Rated VAT are taxable supplies but with a VAT rate of 0%. Suppliers of zero-rated goods and services will be able to register for VAT and reclaim the VAT on their purchases.
