The Accounting processes for an Accounting System consists basically of 4 steps. The steps is as follows:
All transaction data (source documents i.e. cash slips, deposits, cheques, invoices, etc.) are sorted according to the type of transactions, physically entered into specific journals by pen.
Pens and calculators are used to:
A trial balance listing all the debit and credit balances
is drafted to check the arithmetic accuracy and financial reports and
statements are then drafted. Some reports are:
|Safeguard records||The books of account and supporting documents needs to be safeguarded from unauthorised access, fire, theft, etc.|
To view the same processes for TurboCASH, click here.