The Equity Accounting System: User's Guide Rev 2.0 for Equity V3.305
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Chapter 2. Accounting Primer

Table of Contents
2.1. Overview
2.2. General Ledger
2.2.1. Debits & Credits
2.2.2. Accounts
2.2.3. Account Types
2.3. Financial Statements
2.3.1. Balance Sheet
2.3.2. Profit & Loss Statement
2.4. Transaction Examples
2.4.1. The Golden Rule of Debits & Credits
2.4.2. Manual Method
2.4.3. Equity Accounting method
2.5. Debtors
2.5.1. Debtors Maintenance
2.5.2. Invoicing
2.5.3. Payments
2.5.4. Adjustments
2.6. Creditors
2.6.1. Creditor Maintenance
2.6.2. Payments
2.6.3. Adjustments
2.7. Procedures
2.7.1. End of Month Routine
2.7.2. General Ledger End of Month
2.7.3. Debtor End of Month
2.7.4. Creditor End of Month
2.7.5. Stock End of Month
2.7.6. End of Year Routine
2.7.7. Invoice Updating
2.8. Processing Date

2.1. Overview

This chapter is designed to help the user that is unfamiliar with double-entry bookkeeping and computerised accounting procedures, or for those that simply want to brush-up on the basics. We do not presume to go into every topic fully, but rather give a concise and easy-to-read text for the uninitiated.

The General Ledger is covered fully, as this seems to be the area where most mistakes will be made. Examples of common transactions are worked through. Debtors and Creditors are also discussed, as well as procedures that a bookkeeper without computer experience will need to know about.

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The Sample Company General Ledger