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NUT KHORN E-LEARNING
NUT KHORN E- LEARNING
FOR LEARNING ONLY.
Wednesday, October 31, 2012
Tuesday, October 30, 2012
HOW TO OPENING BALANCE (OLD COMPANY)
THERE ARE TWO METHODS:
I) METHOD 1 :
(NOT NET INCOME, CATEGORIZED INCOME AND EXPENSES)
In the Chart of Accounts > Opening Bal Equity > Activities > Use Register > Choose the accounts > Record each amount of Accounts( Increase = Dr ; Decrease = Cr ) > Recording the following ... OK > Finished.
II) METHOD 2 : (NET INCOME, CATEGORIZED INCOME AND EXPENSES)
When we create the chart of accounts, that time, we see "THE OPENING BALANCE " and we record the amount. NOTES: A/ R used for the Customers, A/ P used in Vendors.
How to clear the Net Income
Banking > Make the Journal Entry >
DR Categorized Income ......................$XXX
CR Opening Bal Equity ............................................$XXX
( Note : $XXX is taken from the Profit and Loss statement)
I) METHOD 1 :
(NOT NET INCOME, CATEGORIZED INCOME AND EXPENSES)
In the Chart of Accounts > Opening Bal Equity > Activities > Use Register > Choose the accounts > Record each amount of Accounts( Increase = Dr ; Decrease = Cr ) > Recording the following ... OK > Finished.
II) METHOD 2 : (NET INCOME, CATEGORIZED INCOME AND EXPENSES)
When we create the chart of accounts, that time, we see "THE OPENING BALANCE " and we record the amount. NOTES: A/ R used for the Customers, A/ P used in Vendors.
How to clear the Net Income
Banking > Make the Journal Entry >
DR Categorized Income ......................$XXX
CR Opening Bal Equity ............................................$XXX
( Note : $XXX is taken from the Profit and Loss statement)
Sunday, October 28, 2012
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