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 Bookkeeping and Accounting All-in-One For Dummies (UK
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Bookkeeping & Accounting All-in-One For Dummies®
Published by: John Wiley & Sons, Ltd., The Atrium, Southern Gate,
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Bookkeeping & Accounting All-in-
One For Dummies®
Visit
www.dummies.com/cheatsheet/bookkeepingaccountingaio
to view this book's cheat sheet.
Table of Contents
Cover
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here

Book I: Basic Bookkeeping

Chapter 1: So You Want to Do the Books
Delving into Bookkeeping Basics
Defining and Maintaining a Ledger
Using Bookkeeping Tools to Manage Daily Finances
Running Tests for Accuracy

Chapter 2: Getting Down to Bookkeeping Basics

Bookkeeping: The Record-Keeping of the Business World
Wading through Basic Bookkeeping Lingo
Pedalling through the Accounting Cycle
Understanding Accounting Methods
Seeing Double with Double-Entry Bookkeeping
Have a Go
Answering the Have a Go Questions
 Chapter 3: Outlining Your Financial Roadmap with
a Chart of Accounts
Getting to Know the Chart of Accounts
Starting with the Balance Sheet Accounts
Keeping an Eye on the Profit and Loss Statement Accounts
Setting Up Your Chart of Accounts
Have a Go
Answering the Have a Go Questions

Chapter 4: Looking at Ledgers

Developing Entries for the Ledger
Posting Sales Invoices
Posting Purchase Invoices
Entering Items into the Nominal Ledger
Cashbook Transactions
Introducing Control Accounts
Understanding How the Ledgers Impact the Accounts
Adjusting for Nominal Ledger Errors
Have a Go
Answering the Have a Go Questions

Book II: Bookkeeping Day to Day

Chapter 1: Planning and Controlling Your
Workload
Introducing Checklists
Sorting Out Your Sales Invoices
Entering Your Purchases Invoices
Checking Cash Payments and Receipts
Reconciling Your Bank Account
Entering Your Journals
Controlling Your Books, Records and Money
Have a Go
Answering the Have a Go Questions

Chapter 2: Counting Your Sales

Collecting on Cash Sales
 Selling on Credit
Cashing Up the Cash Register
Monitoring Sales Discounts
Recording Sales Returns and Allowances
Monitoring Trade Debtors
Accepting Your Losses
Have a Go
Answering the Have a Go Questions

Chapter 3: Buying and Tracking Your Purchases

Keeping Track of Stock
Buying and Monitoring Supplies
Staying on Top of Your Bills
Have a Go
Answering the Have a Go Questions

Chapter 4: Doing Your Banking

Making Sure that the Closing Cash Is Right
Reconciling Bank Accounts
Have a Go
Answering the Have a Go Questions

Book III: Undertaking Monthly and Quarterly Tasks

Chapter 1: Adding the Cost of Value-Added Tax
(VAT)
Looking into VAT
Registering for VAT
Paying in and Reclaiming VAT
Completing Your VAT Return
Pursuing Payments and Repayments

Chapter 2: Employee Payroll and Benefits

Staffing Your Business
Using the Real-Time Information System
Collecting Employee Taxes
Determining Net Pay
Taxing Benefits
 Preparing and Posting Payroll
Settling Up with HM Revenue & Customs
Handling Payroll Year-End
Have a Go
Answering the Have a Go Questions

Chapter 3: Adjusting Your Books

Adjusting All the Right Areas
Checking Your Trial Balance
Changing Your Chart of Accounts
Have a Go
Answering the Have a Go Questions

Book IV: Working to Prepare Financial Statements

Chapter 1: Producing a Profit and Loss Statement
Lining Up the Profit and Loss Statement
Formatting the Profit and Loss Statement
Preparing the Profit and Loss Statement
Deciphering Gross Profit
Monitoring Expenses
Using the Profit and Loss Statement to Make Business
Decisions
Testing Profits
Branching Out with Profit and Loss Statement Data
Have a Go
Answering the Have a Go Questions

Chapter 2: Developing a Balance Sheet

Breaking Down the Balance Sheet
Gathering Balance Sheet Ingredients
Pulling Together the Final Balance Sheet
Putting Your Balance Sheet to Work
Have a Go
Answering the Have a Go Questions

Chapter 3: Cash Flows and the Cash Flow

Statement
The Three Types of Cash Flow
 Setting the Stage: Changes in Balance Sheet Accounts
Getting at the Cash Increase from Profit
Presenting the Cash Flow Statement
Sailing through the Rest of the Cash Flow Statement
Free Cash Flow: What on Earth Does That Mean?
Scrutinising the Cash Flow Statement
Have a Go
Answering the Have a Go Questions

Book V: Accountants: Managing the Business

Chapter 1: Discovering Different Business Types
Finding the Right Business Type
Tax Reporting for Sole Traders
Filing Tax Forms for Partnerships
Paying Taxes for Limited Companies
Have a Go
Answering the Have a Go Questions

Chapter 2: Choosing Accounting Methods

Decision‐Making Behind the Scenes in Profit and Loss
Statements
Calculating Cost of Goods Sold and Cost of Stock
Identifying Stock Losses: Net Realisable Value (NRV)
Managing Your Stock Position
Appreciating Depreciation Methods
Collecting or Writing Off Bad Debts
Reconciling Corporation Tax
Dealing with Foreign Exchange
Two Final Issues to Consider
Have a Go
Answering the Have a Go Questions

Chapter 3: Managing Profit Performance

Redesigning the External Profit and Loss Statement
Basic Model for Management Profit and Loss Account
Travelling Two Trails to Profit
Doing What-If Analysis
 A Final Word or Two
Have a Go
Answering the Have a Go Questions

Chapter 4: Cost Conundrums

Previewing What’s Coming Down the Road
What Makes Cost So Important?
Sharpening Your Sensitivity to Costs
Putting Together the Pieces of Product Cost for Manufacturers
A View from the Top Regarding Costs
Have a Go
Answering the Have a Go Questions

Chapter 5: Business Budgeting

The Reasons for Budgeting
Budgeting and Management Accounting
Budgeting in Action
Capital Budgeting
Reporting on Variances
Staying Flexible with Budgets
Have a Go
Answering the Have a Go Questions

Book VI: Accountants: Working with the Outside World

Chapter 1: Getting a Financial Report Ready for
Prime Time
Reviewing Vital Connections
Statement of Changes in Owners’ Equity and Comprehensive
Income
Making Sure that Disclosure Is Adequate
Keeping It Private versus Going Public
Nudging the Numbers
Browsing versus Reading Financial Reports

Chapter 2: How Investors Read a Financial Report

Financial Reporting by Private versus Public Businesses
Analysing Financial Reports with Ratios
Frolicking through the Footnotes
 Checking for Ominous Skies on the Audit Report
Finding Financial Facts
Have a Go
Answering the Have a Go Questions

Chapter 3: Professional Auditors and Advisers

Why Audits?
Who’s Who in the World of Audits
What an Auditor Does before Giving an Opinion
What’s in an Auditor’s Report
Do Audits Always Catch Fraud?
Auditors and the Rules
From Audits to Advising

About the Authors

Cheat Sheet
Advertisement Page
Connect with Dummies
End User License Agreement
 Introduction
Welcome to Bookkeeping & Accounting All-in-One For Dummies! This book
explains the different roles that both bookkeepers and accountants take on
within a business. If you’re a one-man or one-woman band, however, don’t
worry; within these pages you too can find out how to do the bookkeeping
basics and see the ways in which an accountant can assist you further.

About This Book

This book aims to help you understand the bookkeeping tasks that need to be
done within your business and to demonstrate how an accountant can help
your business to set targets that will hopefully expand and grow.
Bookkeeping & Accounting All-in-One For Dummies is divided into six
separate books. Each book is split into several chapters that tackle key aspects
of bookkeeping and accounting functions. The Table of Contents gives you
more detail of what is contained within each chapter. Each chapter presents
information in a modular fashion so that you get all the information you need
to accomplish a task in one place. You don’t need to remember things from
different parts of the book; if another chapter has information relevant to the
discussion at hand, you’ll find a cross reference telling you where to find it,
so you don’t have to read the chapters in order. You can read the chapters or
sections that interest you when it suits you.
If you end up reading all that there is to read in this book, but find you still
want more, check out the extra information in these For Dummies titles (all
published by Wiley):

Bookkeeping For Dummies (Jane Kelly, Paul Barrow & Lita Epstein)
Understanding Business Accounting For Dummies (John A. Tracy &
Colin Barrow)
Accounting Workbook For Dummies (Jane Kelly & John A. Tracy)

Foolish Assumptions
 Bookkeeping & Accounting All-in-One For Dummies makes some key
assumptions about who you are and why you picked up this book, and
assumes that you fall into one of the following categories:

You’re a member of staff in a small business who’s been employed to

undertake the bookkeeping and accounting function.
You’re a small business owner who currently doesn’t have the funds to
employee an individual. Therefore, you need to understand the basics of
bookkeeping to enable you to deal with the day-to-day paperwork, with a
view to perhaps using an accountant at year-end.
You’re a small-business owner who is thinking of employing a
bookkeeper but wants to know the differences between what a
bookkeeper can do for your business and what an accountant can offer.

If any – or all – of these assumptions accurately describes you, then you’ve

come to the right book!

Icons Used in This Book

Every For Dummies book uses icons to highlight especially important,
interesting or useful information. The icons used in this book are:

Look at this icon for practical information that you can use
straightaway to help you to run your bookkeeping and accounting
systems in the most effective way.

This icon indicates any items you need to remember after reading the
book – and sometimes throughout it.

This icon calls your attention to examples of specific tasks that you
can undertake to help you perform the bookkeeping or accounting skills
explained in this book.
 The paragraphs next to this icon contain information that is, er,
slightly technical in nature. You don’t need to know the information here
to get by, but it helps.

This bombshell alerts you to potential problems you may create for
yourself without realising it. Don’t ignore this icon!

Beyond the Book

At www.dummies.com/extras/bookkeepingaccountingaio you can access
some online extras, just in case you need a bit more help and guidance! You
can also find the handy cheat sheet at
www.dummies.com/cheatsheet/bookkeepingaccountingaio .

Where to Go from Here

You’re now ready to enter the world of bookkeeping and accounting. If
you’re a complete beginner, starting at the beginning and gradually working
through from there is probably the best approach. If you have some
experience, but are a little rusty in certain areas, you can pick and choose the
chapters that are most relevant to you. After all, this book is designed for you
to dip in and out of as you like. I hope that you find it a useful tool for
developing and managing your business.
 Book I
Basic Bookkeeping

For Dummies can help you get started with lots of subjects. Visit
www.dummies.com to discover more and do more with For Dummies
books.
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