sept 25 due oct 2
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sept 25 due oct 2 Monday, March 18, 13 Gnucash new accounts 2004 - PowerPoint PPT Presentation

sept 25 due oct 2 Monday, March 18, 13 Gnucash new accounts 2004 E-150 Van-Asset/Fixed Asset/Vehicles Petty Cash-Asset/Current Assets/Petty Cash Buy Van from athens Ford $9,000 from checking Take $100 from checking and put in petty cash


  1. sept 25 due oct 2 Monday, March 18, 13

  2. Gnucash new accounts 2004 E-150 Van-Asset/Fixed Asset/Vehicles Petty Cash-Asset/Current Assets/Petty Cash Buy Van from athens Ford $9,000 from checking Take $100 from checking and put in petty cash Monday, March 18, 13

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  13. now create some income and expense accounts Performance Fees : Income/Performance fees Merchandise Sales- Retail: Placeholder account Income/Merchandise Sales- Retail Music CDs Vinyl Downloads: Income/Merchandise Sales-Retail/ Music CDs... Softgoods: Income/Merchandise Sales-Retail/ Softgoods expenses Touring/Performance Costs: Placeholder Expense/Touring Performance Costs ALL UNDER TOURING AND PERFORMANCE COSTS Fuel: Expense/Touring Performance Costs/Fuel Tolls and Parking: Expense/Touring Performance Costs/Toll and Parking Vehicle Repair and Maintenance: (you get the idea) Travel and Lodging: Per Diems: Supplies-Tour/Performance: Monday, March 18, 13

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  15. OCT 2nd due Oct 9th Monday, March 18, 13

  16. First you need to add the following accounts Expense: Commission - Management Expense: Commission- Agent Expenses: Touring Performance costs: Van Depreciation Monday, March 18, 13

  17. dEaDbUg goes on tour The band goes to on tour. They play three shows feb 16 at the covered dish in gainesville florida, feb 17 at the Jinx in Savannah Georgia and feb 18th at Sky City in Augusta GA. Here are there expenses. All of these need to be in the petty cash ledger. Monday, March 18, 13

  18. Checking Ledger Agent and Manager must be paid. The tour grossed $1500 The manager Red Light Management gets 15% or $225 The Agency High Road Touring gets 10% or $150 write checks for them Monday, March 18, 13

  19. Fixed Asset 2004 Van Ledger But now we have to make an adjustment for depreciation. That is we “used up” some of the vans available life. For now don’t worry about how I calculated this.. but for this trip it’s $116.40 This is not the “correct” way to record this. But i do something very similar to keep track of our true touring profit. This is the way the band keeps track of money. The accountant has a different more professional and “correct” set of books. Two sets of books? isn’t that illegal? Well yes if you’re trying to cheat someone. But no. Most business small business operators are not accountants yet they have to do the day to day accounting. Oftentimes the accountant creates a simpler system for the business operators to use. Then on a regular basis, weekly, monthly or at the end of each tour, the accountant takes the business operators books and translates it into their more professional form that will satisfy other accountants, lawyers and especially the tax authorities. What good is accounting if the business operators don’t understand? Can’t make rational decisions about their company? Monday, March 18, 13

  20. What are the hidden costs? how often can you drive the van this far? Monday, March 18, 13

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  22. Create these new accounts. Assets: Current Assets: Agency Escrow Account Liabilities:Current Liabilities: Credit Cards:Chase Visa Credit Card Liabilities:Current Liabilities: Unearned Revenue: Unearned Perf Fees Monday, March 18, 13

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  27. ������������������������ ����� ��� ������� ������������������� ��� ����� ��� ������������� ������������������� ������� ������������������������� ��� ����� ��� ������������� ������������� ��� ������� ��������������������� ��� ����� ��� ��� ������ ��� ��� ��� ������ ���������� ��� ��� ����� ��� ������������� ����������� ��� ��� ������� ����������������� ����� �������������������� ��� ������� ��� ������������� �������������������������� ��� ����� ��� ������������� �������������� ����� ��� ����� ��� ������� ���������������������� ����� ��� ��� ������� ���������������� ����� ����������������� ��� ������� ��� ������������� ����������������������� ��� ����������������� ���������� ��� ��������������� ��� ����� ��� ������� ������������ ��� ��������� ��� ������������� ���������������� ��� ������� ��� ������������� ���������� ������� ��������������������� ����� ��� ������������� ������� ������� �������������� ����� ��� ��� ������ ��� ��� ��� ������ ��������������� ��������������� ��� ��������� ��� ������������� ������������ ������� ������������������� ��� ����� ��� ������� ��������������������� ������� ���������������� ��� ������ ��� ������������� ������������ ��� ����� ��� ����� ��� ��� ��� ����������� ��� ��� ��� ����������� ���������� ��� ��� ������������ Monday, March 18, 13

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  29. Create these new accounts. Assets: Current Assets: Agency Escrow Account Liabilities:Current Liabilities: Credit Cards:Chase Visa Credit Card Liabilities:Current Liabilities: Unearned Revenue: Unearned Perf Fees Monday, March 18, 13

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