Module 8


Opening a set of accounts for a retail company (including VAT)


After completion of this module, you will have learned:


• Creating an accounting set of books using the previous month’s closing balances • Setting additional parameters that are invoiced based • Creating journals with relevant codes and parameter setup: – Cash Receipts Journal – Cash Payments Journal – Customer Journal – Supplier Journal – Customer Allowances Journal – Supplier Allowances Journal – General Journal – Bad Debts Journal – Interest Charges Journal – Stock Journal


• Creating/editing General Ledger account codes and parameters • Entering opening balances including customer and supplier balances • Entering existing age analyses for customers • Printing out of journals and General Ledger structures • Setting up parameters for a continuous inventory system • Creating inventory items and stock taking of inventory items at cost price according to the stock listing


• Printing out of inventory item listings whilst opening the inventory system • Setting up parameters for computerised purchase notes/ supplier invoices • Setting up parameters for computerised tax invoices • Entering cash and credit transactions from source documents including the following transactions: – Cash and credit purchases of assets – Cash and credit purchases of trading stock/inventory – Cash and credit sales of trading stock/inventory – Cash and credit transactions of income and expenses – Trading/invoice/ discount and cash discount received and allowed – Payment received from customers and discount allowed – Payment made to suppliers and discount received – All transactions regarding cash received and cash payment


• Month-end adjustments – Correction of incorrect entries – Stock taking – Journal entry for closing stock – Bad Debts written off – Bad Debts recovered – Interest on overdue customer accounts


• Year-end adjustments – Provision for depreciation (diminishing balance and cost price) – Provision for Bad Debts – Consumable stock on hand – Accrued expenses and income; income in advance; prepaid expenses • Printouts of adjusted journals, general ledger accounts and Post-Adjustment Trial Balance


• Settings for Income Statement and Balance Sheet • Printouts of financial year statements


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