Financial Management

Why Accounts?

To know income, expenditure, assets, liabilities, profit and loss ,Law demands it
To submit returns and reports to tax department
Business auditors demands it
It provides processed feedback to management to evaluate performance and take necessary actions
To create accountability
For posterity (hand away responsibilities and system from one to another, one generation to another)
Contra: This voucher is used when you transfer fund from one cash or bank account to cash or bank account.
Receipt: This voucher involves receipt of money.
Payment: This voucher involves payment of money.
Journal: This voucher is entered for all other types of non cash transactions (e.g adjustment for Depreciation, Liabilities for expenses, pre paid expenses etc).

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