How To Open Accounts In Accounting

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How To Open Accounts In Accounting
How To Open Accounts In Accounting

Video: How To Open Accounts In Accounting

Video: How To Open Accounts In Accounting
Video: How to open a T account? 2024, March
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Assets and liabilities in the course of the activity of this or that enterprise are constantly decreasing, then increasing. To control the change in the amount of funds, as well as to promptly manage business processes, you need to open accounting accounts.

How to open accounts in accounting
How to open accounts in accounting

Instructions

Step 1

Separate accounts should be opened for each accounting object. Consider the household assets of the institution in the accounts "Fixed assets", "production stocks", "Low-value and quickly wearing out items", "Cash desk".

Step 2

Sources of economic funds relate to the accounts "Authorized capital", "Reserve capital", "Retained earnings, settlements with suppliers and contractors", "Short-term loans". For business processes, you should open accounts "Production" and "Income from sales".

Step 3

Keep track of the movement of funds on separate accounts. Create a special table for this, consisting of two parts. In the first part of the table, indicate debit, in the second - credit. Decrease and increase of funds should be reflected separately.

Step 4

Open new accounts, receiving the results of doing business for the whole reporting month - from the first day of the month to the last. As for the number of accounts, it coincides with the size of accounting objects. Keep a record of them on the basis of primary documents.

Step 5

In accounting, a distinction is made between active and passive accounts. The first characterize the accounting for the presence and change of economic assets. In this case, write down the decrease in costs in the loan, and write off or increase them in the loan. Open active accounts based on the balance sheet asset for the last day of the previous reporting period, namely the month.

Step 6

Now for the liability. He already points to the account of the presence and changes in the sources of economic funds of the institution. And it is recorded as an asset, but in a mirror image. Passive accounts should be opened on the basis of the balance sheet liability for the previous reporting period.

Step 7

To control the movement of funds and sources of the enterprise, keep a double entry. This process is called accounting entry, or account correspondence. The accounts themselves are called correspondent accounts, respectively. Create accounting entries based on the structure of active and passive accounts. First, a debit of one account is opened, then a loan of another.

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