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Nominal codes are general ledger codes used to record a business’s daily financial transactions. These transactions are processed through bookkeeping, posted to the general ledger, and included in the Trial Balance. Businesses also assign account codes to customers and suppliers to make identification easier. Each business follows a set system for allocating these codes, which … Read More
What a Trial Balance Does A Trial Balance lists the closing balances of all accounts in the general ledger. You place each balance in either the debit or credit column. After you add the columns, the totals should match.When these totals match, the ledger entries are arithmetically correct. After you finish the Trial Balance, you … Read More
Many businesses use a petty cash system to manage small business payments. These payments are too small for writing a cheque. For example: A staff member usually manages the petty cash float. This person is responsible for: Funding and Receipts Businesses top up petty cash from the cash book or bank. Sometimes, petty cash also … Read More
The Cash book is a book of prime entry which is initially used to record all money transactions and then transferred into the general ledger. All monies received or paid out will have an entry in the cash book and this will include monies paid in and out in cash or through the bank.In the … Read More
Every organisation in operation will usually incur costs of different kinds. Costs can be logically grouped in different ways. The particular grouping selected will depend on the purpose for which the resulting analysed data is intended to be used. Different forms of accounts will require accounting records and costs to be classified in different ways … Read More
Understanding Types of Business Organisations When starting a business, choosing the right organisational structure is crucial. Each type comes with unique responsibilities, benefits, and challenges. Here’s a quick guide: Public Sector Organisations Voluntary & Not‑for‑Profit Organisations Private Sector Organisations These are profit‑oriented and can be structured in different ways: Sole Traders Partnerships Limited Companies Pros … Read More
The company’s services or products are sold to its customers. These customershave to be set up on Sage in order to be able to allocate invoices, credit notes andtransactions against the customer.In order to set up customers, click on the ‘New’ button at the top of the Sales Ledger(Customer tab), and follow the wizard. Important! … Read More