HomeHome SearchSearch MenuMenu Our productsOur products

Do you know what's included in Books of Account?

by , 06 December 2013
We had such great feedback from our last question and answer bulletin on travel expenses (http://fspbusiness.co.za/articles/accounting/the-correct-way-to-allocate-travel-expenses-when-you-charge-clients-3269.html#.UqBX9Sd_BLc) that we decided to send you another interesting question and answer.

Our reader Meisie asked, what are 'Books of Account'?

Let's look at the full question, and see what a fellow Accounting and Tax Club (http://www.accountingandtaxclub.fspbusiness.co.za/) member says.

What are 'Books of Account'?

Please would you break down 'Books of Account'?

My understanding is it is General Ledgers, Journals and Cash Books. Our auditing firm says that it also includes all supplier invoices, debtors copy tax invoices and credit notes.

Please can you clarify this for us?

********************

Don't let your business be another fraud statistic...

Discover how to protect your business from being crippled by SA's 9 most common fraud schemes today...
Click here

********************

Here's what Accounting and Tax Club user Anna had to say

On one hand, the Books of Account are exactly that - the accounting records of a business. This can include (but isn't limited to):
•    Cash books,
•    Debtors' ledgers,
•    Creditor ledgers,
•    Journals,
•    Trial balances,
•    Inventory accounts,
•    Fixed assets register etc.

In a programme like Pastel or QuickBooks, all of these are included as standard.

Read on to find out what else is included in Books of Account.


What else is included in Books Of Account

Books of Account includes the supporting documentation used to create the accounting records. This means all the:
  • Invoices,
  • Payslips,
  • Bank statements, Supplier statements,
  • Debtor statements etc.
Will form part of your Books of Account.

Ask your auditors to clarify exactly what they require. They'll simply look at your business accounting records and compile a list of all the supporting documents they need.

Regards,


Philip Rosenberg
Product Manager,
Practical Accountancy Loose Leaf Service

P.S. You can also ask and answer questions on the Accounting and Tax Club. It's a community website with guaranteed answers!


Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>