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We answer four questions that hundreds of people are asking about accounting records

by , 15 May 2014
When it comes to accounting, most employers get a bit confused about what goes where and when. When you look at all the different books such as cash flow statements and profit and loss statements, it's no wonder people get confused.

That's why our experts on the Accounting and Tax Club are always ready to answer your questions.

Hundreds of people have gotten the answers to these burning questions and now you can too...

How to improve cash flow, analyse your financial statements and eliminate fraud in your company…

Four questions on accounting records and their answers

Question one: 'When I put together my company's annual financial report, what accounting records must I include in it?'
The answer to this, according to the Practical Accountancy Loose Leaf is:
- A cash flow statement;
- A balance sheet;
- A profit and loss statement; and
- The director's report.
Question two: 'What accounts, statements and documents should go into my management accounts?'
Management accounts are there for you to use in the running of your business. But the experts recommend you include:
1. Gross profit;
2. Sales;
3. Cost of goods sold;
4. Extraordinary or abnormal items;
5. Selling, general and administrative expenses; and
6. Net profit after tax.
There are two more recent questions that we think you'll find interesting...
Are you spending TOO MUCH on accounting costs?
The truth is you could pay less accounting fees while at the same time prevent fraud, save on tax and Vat costs and keep up to date on changing legislation.

Two more questions about accounting records

Question three: 'I take ages with my company's accounting records because I have to check them 100 times. How can I get them done faster while still making sure that they're still right?'
Question four: 'What accounting records does SARS require, specifically?'
These are the things the experts say you'll need to show SARS:
1. Cash book;
2. Debtors ledger; 
3. Debtors list; 
4. Creditors ledger; 
5. Creditors list; 
6. Sales ledger; 
7. Inventory listings; 
8. Fixed asset register; 
9. Tax schedules; and 
10. General ledger. 

So there you have it. Easy-to-use and follow answers to questions hunrdeds people are asking about accounting record .

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