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Accounting Manual for Small & Medium Companies

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Accounting Manual for Small & Medium Companies 

With the large geographical coverage and high-value turnover, it is vital that the company have an organization-wide consistent, well-developed and diligent accounting system to manage, record and control its financial and accounting information timely, accurately and adequately. As part of the accounting system, the accounting policy and procedure manual have been drafted.

Enhancement Package:

With This Editable Word Accounting Manual, you get a complement of PDF Accounting Manual which you can go through and learn how to create the accounts for your small and medium companies.  All the accounting basics were introduced and without any guidance, you can create your Accounting set by referring to this manual.  Also, you can implement the Accounting Manual for your small and medium companies.

For more details check description …………….

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Description

ACCOUNTING MANUAL SMALL & MEDIUM COMPANIES

What Is an Accounting Manual?

An accounting manual contains appropriate accounting rules and other information for a business or organization. It is a manual that is internally developed and contains information specific to the organization for which it was developed.  Big Companies have their own Consultancy services for creating those manuals.

But Small and Medium companies do not have that much money to spend for implementing those procedures.  This Accounting Manual was created for such small and medium companies to fulfill their Financial Regulations and procedures.

A Person having basic accounting knowledge can be implemented alone just need to edit a word document including the company details.  Rest all required details included.  Using This Document Many Companies implemented their own Policies and Procedures by spending a small amount of money.  Cost-effectively.

This is created for the small Clinics yet it can be customized for any kind of company according to its requirement.

Key Takeaways

An accounting manual contains the accounting policies and procedures of a company developed internally.  The accounting manual contains company-specific accounting information for the firm to follow. It works as a guideline for accounting personnel and as a training manual for new employees.

An accounting manual usually contains information such as the various departments in the firm, the types of accounting used, special instructions for maintaining ledgers, reporting requirements, and budgetary information.

Understanding Accounting Manual

An accounting manual contains an outline of all of the pertinent accounting rules, procedures, and guidelines for an organization. It is developed internally by the organization and can be used as a reference tool to cross-train associates or train newly hired personnel. Accounting manuals differ in size and content from one organization to another depending on the type and size of the organization.

The accounting manual of a firm may list the positions or departments within the organization, a list of accounts, special instructions for maintaining ledgers or records of transactions, or other rules that need to be followed by the accounting staff.

It may often contain budgetary information or samples of forms that need to be completed and maintained on-site for recording purposes or sent externally for reporting purposes. Essentially, an accounting manual is an outline of all the important accounting information and procedures for a business.

Components of an Accounting Manual

An accounting manual usually opens with an introduction, explaining the purpose of the manual, what those reading it should gain from it, and management’s responsibility concerning the accounts of the firm.

The next section usually tackles the firm’s different departments and highlights how they factor into the accounting process. This portion explains the company’s structure and the responsibilities of each department.

Thereafter, the accounting procedures and policies are explained and how reporting should be conducted. Following this portion, the accounting manual details the process of planning, reporting requirements, and the authorized personnel who oversee these functions.

The process after this might focus on different accounting aspects, such as internal audits, cost accounting, inventory accounting, and cash accounting. The accounting manual usually ends with various resources to assist in the entire process.

CONTENTS

1 Purpose
2 Limitations
3 Responsibility
4 Functional Chart
5 Fundamental Principles
6 Financial Period
7 Policy
7.1 Assets
7.1.1 Fixed Assets
7.1.2 Inventory
7.1.3 Trade and Other Receivables
7.1.4 Investments
7.1.5 Cash and Cash Equivalents
7.2 Liabilities
7.2.1 Short Term / Long Term Liabilities
7.2.2 Employee End of Service Benefit
7.3 Income and Expenditure
7.4 Foreign Currency Transactions
7.5 Related Party Transactions
7.6 Post Balance Sheet Events
7.7 Capital Commitments and Contingent Liabilities
7.8 Prior Period Transactions
8 Procedure
8.1 Chart of Accounts
8.1.1 Structure of Chart of Accounts
8.1.2 Analysis codes
8.1.3 Control of Chart of Accounts
8.2 Petty Cash
8.2.1 Petty Cash Imprest
8.2.2 Disbursement of Petty Cash
8.2.3 Petty Cash Internal Control
8.2.4 Petty Cash Top-Up / Replenishment
8.2.5 Petty Cash Verification
8.2.6 IOUs
8.3 Receipts
8.3.1 Counter Collection
8.3.2 Collection Reconciliation & Accounting
8.3.3 Receipt of Post Dated Cheques
8.3.4 Dishonored Cheques
8.4 Payment
8.4.1 Availability of Funds
8.4.2 Payment Process
8.4.3 Foreign Currency Commitments and Payments
8.4.4 Overseas Purchases
8.4.5 Payments through Letter of Credit
8.4.6 Post Dated Cheques
8.5 Fixed Deposit
8.6 Bank Reconciliation
8.7 Purchases
8.7.1 Procurement of Goods & Services
8.7.2 Local Purchase Order
8.7.3 Goods Received Note (GRN)
8.7.4 Supplier Invoice Processing
8.7.5 Purchase Journal
8.7.6 Posting of Purchase Journal
8.7.7 Accounting Entries
8.7.8 Purchase Returns
8.7.9 Payment to Suppliers
8.8 Project Cost
8.8.1 Project Code
8.8.2 Advance Payment to Contractors / Consultants
8.8.3 Retention Money
8.8.4 Completed Project Final Payment to Contractor/ Consultant
8.9 Fixed Assets
8.9.1 Asset Identification Number (AIN)
8.9.2 Asset Register
8.9.3 Physical Verification

 

Enhancement  Package:

Accounting Manual for Business / Commercial & Vocational Purposes

Topics & Pages

I. INTRODUCTION

Meaning of Book Keeping- Objects- Advantages Accountancy –definition – Uses of Accounting –Accounting Concepts Accounting Conventions- Accounting Terminology – Pages 1- 4

II. DOUBLE-ENTRY SYSTEM

Meaning – Theory of Double Entry System – Classification of Accounts – Advantages of Double Entry System. Pages 5 – 7

III. THE JOURNAL

Introduction – Journalizing of different transactions – Advantages of Journal – Pages 8 – 9

IV. LEDGER:

Meaning- ledger postings- System of balancing account – Advantages of Ledger – Pages 10 – 16

V. SUBSIDIARY BOOKS

Meaning and significance – Different types of Subsidiary Books- Purchases book – Sales Book- Purchase Returns book – Sales Returns book – Bills Receivable book – Bills Payable book – journal Proper – Treatment of Trade discount – Pages 17 – 20

VI. CASHBOOK

Meaning and Significance – Features – Kinds of Cashbook –Simple Cashbook – Cashbook with Cash and Discount columns- Cashbook with Bank and Discount columns- Cashbook with Cash, Bank, and Discount columns- Analytical petty Cashbook – Pages 21 – 26

VII. BANK RECONCILIATION STATEMENT

Meaning and Significance- Pass Book- Need for reconciliation- Causes of differences- Methods of preparing Bank Reconciliation Statement – 1. Balance method  2) Overdraft method – Pages 27-35

VIII. TRIAL BALANCE

Meaning, significance, and Preparation of Trial Balance – Pages 36 – 39

      IX. FINAL ACCOUNTS

Trading Account, Meaning and Significance- proforma of Trading a/c- Adjustments Profit & Loss Account –Meaning and Significance – Steps in preparation of Profit and Loss account- proforma of Profit and Loss a/c- Adjustments – Balance Sheet- Meaning and Significance – Objectives – Preparation of Balance sheet- Arrangement of Assets and liabilities- Adjustments – Pages 40 – 57

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Accept Their Help

As important as it is to offer help, it is just as important to accept it when needed. If a colleague says they would like to join in and help you get things done, take their offer because this will make them feel good. This good feeling will then boost their impression of you. This kind of give and take at work ends in a great work colleague relationship and one that may last beyond the actual work aspect.

Build Relationships Outside the Office. Your co-workers don’t have to become your best friends, but it is very helpful to build friendships outside the walls of the office. When there are off-site, team-building activities, join in. Go beyond that and make plans with your co-workers to meet up for a game of soccer or drinks after work. The time you spend casually chatting about issues that don’t relate to work is some of the moments when you will bond the most.

Spend Lunchtime Together

As important as it is to offer help, it is just as important to accept it when needed. If a colleague says they would like to join in and help you get things done, take their offer because this will make them feel good. This good feeling will then boost their impression of you. This kind of give and take at work ends in a great work colleague relationship and one that may last beyond the actual work aspect.

Spend Lunchtime Together

This is an easy way to get to know those you work with. Are you the guy who always takes a walk during lunch? Do you head out daily to buy fast food on the run? The lunchroom is often where the most jokes and laughs are shared by co-workers, so make it your plan to eat lunch in the break room at least two times per week. Your co-workers can make or break your employment, which consumes a large percentage of your waking hours. It is up to you to build the relationships that are set in front of you through your place of work. Input into these relationships and they just might turn out to be some of your closest friends for life.

Accept Their Help

As important as it is to offer help, it is just as important to accept it when needed. If a colleague says they would like to join in and help you get things done, take their offer because this will make them feel good. This good feeling will then boost their impression of you. This kind of give and take at work ends in a great work colleague relationship and one that may last beyond the actual work aspect.

Build Relationships Outside the Office

Your co-workers don’t have to become your best friends, but it is very helpful to build friendships outside the walls of the office. When there are off-site, team-building activities, join in. Go beyond that and make plans with your co-workers to meet up for a game of soccer or drinks after work. The time you spend casually chatting about issues that don’t relate to work is some of the moments when you will bond the most.

This is an easy way to get to know those you work with.

Are you the guy who always takes a walk during lunch? Do you head out daily to buy fast food on the run? The lunchroom is often where the most jokes and laughs are shared by co-workers, so make it your plan to eat lunch in the break room at least two times per week. Your co-workers can make or break your employment, which consumes a large percentage of your waking hours. It is up to you to build the relationships that are set in front of you through your place of work. Input into these relationships and they just might turn out to be some of your closest friends for life.

Spend Lunchtime Together

This is an easy way to get to know those you work with. Are you the guy who always takes a walk during lunch? Do you head out daily to buy fast food on the run? The lunchroom is often where the most jokes and laughs are shared by co-workers, so make it your plan to eat lunch in the break room at least two times per week. Your co-workers can make or break your employment, which consumes a large percentage of your waking hours. It is up to you to build the relationships that are set in front of you through your place of work. Input into these relationships and they just might turn out to be some of your closest friends for life.

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