Bookkeeping and accounting

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Bengaluru, Karnataka, India, Republic of (Free-Press-Release.com) January 9, 2012 -- Bookkeeping and accounting

The profession or duties of an accountant as defined by the Oxford English Dictionary “Accountancy”

“The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof.” as defined by the American Institute of Certified Public Accountants (AICPA)

Accounting is thousands of years old; the earliest accounting records, which date back more than 7,000 years, were found in Mesopotamia (Assyrians). The people of that time relied on primitive accounting methods to record the growth of crops and herds. Accounting evolved, improving over the years and advancing as business advanced

Reference: taken from authority books and websites.

Theory

The basic accounting equation is assets = liabilities + stockholders' equity. This is the balance sheet. The foundation for the balance sheet begins with the income statement, which is revenues - expenses = net income or net loss. This is followed by the retained earnings statement, which is beginning retained earnings + net income - dividends = ending retained earnings or beginning retained earnings - net loss - dividends = ending retained earnings. The current ratio is current assets divided by current liabilities. The debt to total assets ratio is total assets divided by total liabilities.

Etymology

The word "Accountant" is derived from the French word Compter, which took its origin from the Latin word Computare. The word was formerly written in English as "Accomptant", but in process of time the word, which was always pronounced by dropping the "p", became gradually changed both in pronunciation and in orthography to its present form.

General services offered under Bookkeeping

Reference: http://www.pro-accountants.com/bookkeeping.html

Outsourced Bookkeeping and General Ledger

Set up company in accounting software
Set up Chart of Accounts
Processing day to day transactions
Reconciliation of bank and credit cards
Periodical reporting – Generating P&L report, Balance sheet, Cash flow and other management reports
Month end/Year end close and Financial Analysis
Month reconciliation of ledger balances
Adjustment entries for accruals, prepaid expenses/incomes and Depreciation
Quarterly and Year end closing entries,
Review of financials,
Financial analysis – analysis of expenses, trends in revenue growth, matching revenues and expenses

Accounts Payable and Inventory
Creating Purchase Orders
Receipt of Purchase Orders/Inventory receipt
Creating vendor invoices
Processing vendor payment
Processing vendor refunds/credit memos
AP Aging summary
Vendor balance reconciliation
Downloading inventory activity
Inventory reconciliation
Accounting for inventory damages or faulty products

Accounts Receivables and Inventory
Fulfillment of Sales Orders
Creating Customer invoices
Processing customer receipts
Processing customer credits
AR Aging summary

Customer balance reconciliation
Accounting for customer returns/inventory returns
Outsourced Payroll Processing and Payroll filing services
Setting up company on payroll, setting up employees, payroll deductions
Setting up employees on direct deposit
Payroll Processing
Posting payroll or importing payroll in accounting Software
Processing Payroll tax liability
Enrollment of business concerns for electronic filing with state/Federal
Payroll reconciliations
Preparation and filing of State payroll returns

Preparation and filing of 941, 940 payroll returns and processing 1099, W-2, W-3

for more details check Bookkeeping and accounting http://www.pro-accountants.com/bookkeeping.html