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Financial accounting

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  1. Home
  2. Resources
  3. Business
  4. Running your business
  5. Financial accounting

Financial accounting

Maintaining an accurate, up-to-date record of a firm's finances is essential to its operations and its success.

Balancing your bank account

When you enter records of money paid into and out of your bank account into the cash book, there is a delay of at least a couple of days until these transactions are cleared through the banking system and appear on your bank statement.

Balancing your sales (debtors) control account

In a sales control account, the total of outstanding invoices at the beginning of the period and invoices raised during the period, less payments received for invoiced income, will give a balancing figure of invoices still outstanding at the end of the period - your debtors.

Balancing your purchase (creditors) ledger

In a purchase ledger control account, the total outstanding invoices at the beginning of a period and invoices received during that period, less payments made for invoiced supplies, will give a balancing figure of invoices still outstanding at the end of the period - your creditors.

Running your business

  • Digital accounting
  • General Data Protection Regulation
  • Financial accounting
    • Balancing your bank account
    • Balancing your sales (debtors) control account
    • Balancing your purchase (creditors) ledger
  • Improve profitability
  • Raising finance

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08000 32 32 03 enquiries@walker-sutcliffe.co.uk
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Walker and Sutcliffe
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN
United Kingdom
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