![]() You can a very simple chart of accounts, post entries and close accounts as first exercise: new firm, cash investment from shareholder, buys goods for resale for cash, sells goods for cash, pays staff salary in cash and closes accounting period, no dividend paid. Income statement, balance sheet and cash flow reports Closing of temporary accounts at accounting period end Accrued/deferred income and expense and adjustment entries Production, inventory, cost formation at work in progress. Contra accounts (ep amortisation, discounts, treasury stock, etc) Current Profit = Income - Expenses, what makes Income and Expenses I think to understand mechanics of accounts you need to master extended accounting equation, starting with Assets = Equity + Current Profit, progressively adding: Please message the mods with any thought, ideas, etc (including feedback on the side-bar rules you just finished reading). We'd like all major changes to /r/bookkeeping to be made with community involvement. Finally, /r/bookkeeping functions as a democracy and we encourage all subscribers to propose ideas for the sub.If you have questions that specifically regard tax-law or accounting school/career planning, you will likely find better answers in /r/accounting.We do encourage using professional designations as your flair. Frequent contributors will be granted flair, with the default being "frequent contributor." Once granted flair, you have the power to tell us to make your flair say anything that you'd like.If someone is being an unconstructive jerk or spamming, please use the report button to let the mods know.(If a post is irrelevant, it will receive few up-votes and be quickly buried anyway, but comments that make someone feel dumb for posting are rude and accomplish nothing.) We want /r/bookkeeping to be a place where everybody feels welcome to post. If you feel that someone's post is irrelevant, or stupid, or something you've already seen posted, please keep it to yourself.If you feel that someone is giving incorrect advice or behaving rudely, please correct them respectfully.Please be respectful to others, whether they are bookkeepers or not. ![]() If you are being a jerk, you had better be offering some genuinely constructive comments in your jerk-y tone, or we won't think twice about banning you.Be respectful, offer constructive criticism, keep debates civil. Rare exceptions may be made for comments where the link is clearly relevant to the post's discussion.Rule #1: NO SPAM! If you solicit business for your company, or post/comment links to pages that are blatantly advertising a product or service, you will be banned.Posts regarding /r/bookkeeping itself are acceptable, however, we suggest running your ideas by the moderators first.Anything else that you consider bookkeeping-related.The practical application of bookkeeping practices to personal finances and everyday life.Bookkeeping related jokes, puns, memes, riddles, etc.Relationships between bookkeepers and clients, bosses, accountants, accounting software companies, or the general public.Anecdotes and other posts about what it's like working as a bookkeeper for a big company or independently.Questions on dealing with bookkeepers or dealing with others as a bookkeeper.Questions on a specific bookkeeping problem or how to do something.We strongly encourage any and all posts that have anything at all to do with bookkeeping, including: There's no such thing as a stupid question! All are welcome, whether you're a bookkeeper, small business owner, office worker, or any random person interested in better understanding bookkeeping!
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