Boekhouden software - Resume of the entire course with exam questions included. PDF

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Resume of the entire course with exam questions included....

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ACCOUNTING - PART I: ACCOUNTING CHAPTER 1: THE LAW 1. THE

TYPES OF NONPROFITS

According to the new of companies and associations, there are three different types of nonprofits:

2. PUBLICATION

OF ANNUAL ACCOUNTS AND ACCOUNTING

Apart from the types of nonprofits that have just been mentioned, there are two "accounting" categories with different obligations. Those who meet 2 of the 4 criteria follow must maintain an accounting comparable to that of a company(double accounting): - Five workers - $334,500 in non-recurring revenue (which does not arrive every year) - $1,337,000 in assets and debts Others may maintain a "debit-credit" type of accounting: a simplified model or a complete accounting.

It is possible in the future that the filing of annual accounts will take place at the BNB's balance sheets centre for all associations and foundations (before, only others, not microphones and small ones).

SA: a limited company; SPRLU: One-person limited personality company CHAPTER 2: BASIC DEFINITIONS

1. TALKING

ABOUT THE SAME THING

The data collected by the accounting allow us to know: - What is possessed: assets - What is due by third parties: claims (what the organization has) - What is due to third parties: debts - Current expenses - Revenues generated or "received" - The result: profit or loss - And from all this, positioning yourself "in a market", making a diagnosis and forecasting the imagined future. Accounting is a code-managed management tool that measures: - Solvency: ability to pay off debts

- Profitability: ability to generate profit - The (financial) value of the activity: useful in the event of a credit application Note: The teacher thinks that there will be, at some point, figures on the social impact and linked the quality and value of an association.

2. BASIC

DEFINITION AND VOCABULARY

Accounting technique: record in free, on the basis of documents, the operations carried out by the organization in order to know its wealth and result. - Register: register in your books or books and/or infor media. - Operations: all the facts that change the company's assets, when you record information in the accounting. - Wealth: consisting of assets and receivables and the debts of a company. Also known as a social fund or social capital in the case of non-profit organizations. - Result: it can be positive (profit) or negative (loss), which we have at the end of the year. Excellence in management: performance over time

3. GRAMMAR Grammatical principle that has been thought: PCMN - standardized minimum accounting plan.

Belgian accounting plan: a classified and orderly list of all accounts that must be used by medium and large organisations for their  common standardaccounting. It is an orderly, thematic and logical ranking of all triple interest accounts: - Time saving: it's no longer up to organizations to make this plan - Ease of operation: one figure is associated with each accounting plan ease of computerization - Comparability: possibility of comparisons /e/ organizations multi-year analysis 7 main classes: some accounts are taxed and others are free to be created (comparison with dressers and drawers). It's easy to find a searched document. The NMCP includes: - Several classes (convenient) 1, 2, 3... - Several sections (drawers) 10, 11, 12... Everyone has its own meaning - Several accounts (filings) 100, 101 or 110, 111... - So many variations necessary for the "sub-accounts" to correspond to the activity of the nonprofit (infills) IMPORTANT: Always classify documents according to the same logic. We find in the same account mvts of the same nature,they are not encodings by "destination". The NMCP (downloadable from the NCC website) consists of three subgroups:

- Class 1 to 5 accounts: key elements to include ASBL (social capital/equity/provisions for risks and expenses/debts over one year, establishment fees/assets mobilized/receivables for more than one year, stock and order in progress, receivables and debts at most one year, cash placement)  balance sheet accounts - Accounts 6 and 7: expenses and income from the  income/operating account business - Class 0 account: information about the commitments of the nonprofit (associations)

4. THE

BIG RULES OF SEIZING IT ACCOUNTANT

If we fail one of these rules, we can be convicted of breach. 1/ Justification Each accounting record must be based on the corresponding supporting document (probative and independent). It can be internal (parts created by the entity and left there) or external (from a third party). This must be archived and all operations of the entity must be recorded. It is possible to make a statement on honour, better if it is signed by a witness. 2/ Non-compensation Everything must be accounted for in full and cannot be compensated by another transaction: all the mvts of the same transaction recorded together.

3/ Exercise Specialization Expenses and revenues must be linked to the correct period with the principle of the law found: expenses and products must be processed in the "accounting year" (from 1/1/AAAA to 31/12/AAA during which the fee was registered (regardless of the day of their receipt or payment). Accounting - a true picture of the situation of the association. Reviewer: Check the count to make sure everything is there. 4/ Rating - Relative significance: ttes relevant transactions (influence evaluations or decisions) - Separate valuation: each element of assets and liabilities assessed separately - Objectivity: reliable methods and controllable data, comparable over time and sufficiently explained (accurate image). If a rule change is changed, it must be legally changed and justified. - Caution: saves load even if likely, records products only if some. When several possible evaluation methods: o Takes products/asset items at the lowest amount o Takes expenses/elements of liabilities at the highest amount. 5/ Information - Periodicity: financial reports established at separate and clearly defined periods, ensure reliability and completeness

- Comparability: always the same method to be able to compare one year to another - Accurate image: give a true picture of the company's wealth, financial situation and result CHAPTER 3: SIMPLIFIED ACCOUNTING Useful for mini projects, for family account but becomes very heavy for accounting for an organization, no matter how small.

1. THE

DOCUMENTS TO BE PRODUCED

Simplified annual accounts include: non-profit name, head office address, company number, revenue-expense statement and an appendix as presented below. 1/ State revenue-expenses (// expenses-products in double accounting)

We use a book for recipes and a book for expenses. If expenses negative result revenue, loss. If expenses ' lt; revenue result positive, profit. 2/ Appendix It has five points: - Summary of evaluation rules

- Adaptation of evaluation rules (determined by Board of Directors, tjs the same and if they change, statement of adaptation to justify) - More information - State of the estate (if not full ownership, not taken over unless significant, usually taken up in point 3 or 5 depending on the board of directors). The term "inventory" is used, not balance sheet, in the case of simplified accounting  We have the assets (what we have rights, what is due to us) on the one hand, the debts (debts - commitments) on the other - Important rights and commitments that are not likely to be quantified Note: This type of accounting will probably be very little used in our future pro environment.

2. KEEPING

THE BOOKS

1/ Simple accounting: single book (the grand book) Act requires that a "single book book" be kept according to an established pattern with mvts of bank accounts and cash. It is possible to add or remove columns if necessary. It is the totals of the book headings that are used for revenue/expense statement. Can use computer BUT kept books too. 2/ Entries to be counted

Scriptures are based on extracts from accounts and cash registers. Make without delay in order and each mvt based on supporting evidence. Compensation /e/ revenue and prohibited expenditure must encode all expenses and expenses of an activity. 3/ Supporting documents They must be classified according to the bank transaction or line number of the cash book. Books - supporting documents must be kept for 7 years. CHAPTER 4: ACCOUNTING

IN PART DOUBLE

Def: an accounting system where the transactions of an entity that can be evaluated in the same currency are recorded chronologically and methodically in duplicate (registering the debit of one account and registering for credit from another account). Pretends to be 80's.

1. GOALS - Calculate the results of recent activities - Assess the entity's assets: measure, in currency, all values (assets, receivables, debts). Useful when the nonprofit becomes heritage: it has a substantial heritage that must be highlighted all year round and is convincing all year round to have operations of which it does not yet have a financial reality

- Examine heritage: 1/ origin of means (resources), 2/ use of resources (use of resources) seen through the annual accounts which include the balance sheet, results count, an appendix and a commentary. This accounting allows us to be able to report at any time, to answer questions: how did the means received use (assets)? How much money is the entity liable (debts)? If people owe you money, can be seen in double accounting.

2. UNDERSTANDING

THE PRINCIPLE

Any activity of the association will have a simultaneous and mandatory impact on 2 separate accounts immediate and fair reading of the situation of the nonprofit at that time, without further writing is required. As soon as an application is made, the constitution of the debt is entered into the account. Both accounts: balance sheet and operations.

3. THE

BALANCE SHEET

Def: table that synthesizes all assets and debts describes wealth situation with on the right the liabilities (origins of the resources) and on the left the assets (uses). You can't do something with means that I don't have. To balance it, the result must be deferred to the liability.

1/ Active The asset is asking the questions: has the organization invested in anything? did it constitute stocks of goods? has it accepted that these customers do not pay cash and thus constituted a debt? has she decided to "keep money" in these bank or cash accounts? important for balance sheet interpretation. A. Fixed/locked-in assets (2 of the accounting plan) Fixed assets: durable goods, usually several years, necessary to achieve objectives (land, building..) - Intangible assets: intangible elements (patents, know-how..) - Property assets: land and construction; technical facilities; machinery and tools; furniture; rolling stock. - Financial assets: funds invested in other financial institutions Receivables over one year: so-called "long-term" debt (data, loans). B. Circulating assets (30, 40, 41, 5)

Def: Things that renew quickly, easier to go there to get funds if not enough money in the bank. If need to go into fixed assets, it is often that there is a cash-out situation problem - Stocks (3):goods/material 1st and finished products/internal consumer goods requiring internal estimate - Short-term receivables (4):amounts to be collected by the organisation o Commercial receivables (40): amounts due per customer o Other receivables (41): on other people but not commercial - Cash investment (5): bank term accounts, cash bills, fixed income securities - Available values: current bank account, post office bank, cash in cash 2/ Liabilities Question: Did the organization receive any amounts in the first place? has it decided to keep reserves (highlighting the amount of money for a particular expenditure? has it accumulated results from previous years? has it had to take on debts? A. Fixed liabilities/permanent capital Equity (1) - Social capital (10) represents amounts given by third parties at the time of incorporation ASBL or fund in a merger no debt is created

- Built-in reserves (earnings allocation) - 13 - Deferred income (14) from the organization - Provisions (16) for risks and expenses  The last three are the same thing (accounting allocation ≠), just mean that you have earned more money and you can do what you want with it. - Subsides (15) Long-term debt (more than one year) - 17 B. Outstanding Liabilities (short-term debts, up to one year - 42, 43, 44, 45) Financial debt: debts to credit institutions Commercial debts: debts to suppliers with payment deadlines Tax debts: debts to the state (e.g. tax) Other debts, for example: wages. 3/ The balance sheet over time Never reset during the life of the organization, evolves according to the activities opportunity to understand the "financial history" of the association. 4/ Accounting operations on the balance sheet not under review until the end of the double A. The opening Def: Carry in the accounts the items known at the time of the launch of the activity or postpone the items from the previous year. Situation at time "0."

If ASBL has at least one year of existence, the opening balance sheet corresponds in all respects to the closing balance sheet of the previous year.

B. Current operations Accounting follow-up: move as soon as you know a significant information about the accounts impacted by this transaction. Balance sheet-only transactions are rare, usually operating or operating - balance sheet. We're setting aside $5,000 to buy a fridge. The 5000 represented in the table come from the 10,000 in the social fund. So does not change the amount of the social fund. Purchase of a fridge with a loan of 4000 euros to be repaid over 4 years

Balance of review against the table just before

4. THE

OPERATING ACCOUNT (PLUS INCOME ACCOUNT)

Accounting: Determine the outcome of the organization over a fixed period of time. A reset is made at the beginning of each period (usually calendar year). Transactions that affect are recorded on "operating account" (classes 6, expenses classified by nature, and 7, products classified by nature pay attention to sectoral provisions because accounting plans are ≠). You can have charges and products without having financial movements these two things are not related. 1/ Products - outputs (ranking by origin) Way to have means in the association. Donations and subsidies always 73 (except VIC, which is donated and subsidized in drawer 74). A. Revenues Source of profits from the organization's usual activities. B. Financial products Short-term (cash vouchers, term accounts) or long-term (equities, bonds) are placed. Also, discounts obtained from suppliers for any payment made. C. Exceptional products

Products not coming from the usual activity of the organization. (Warning: not catch-all) 2/ Charges - entries (what you spend) A. Operating expenses Usual expenses in the course of the activity, here are common examples: - Purchase goods (will be resold or consumed in-house) - Rental expenses, telephone fees, water, electricity, advertising, insurance premiums... - Miscellaneous goods and services: necessary for the organization to run smoothly - If employees, salaries, employer social insurance contributions, etc. - Over time, fixed-line values suffer degradations/lose value see depreciation with depreciation method B. Financial expenses If borrowing taken out, pay interest to lenders. Also discounts granted to customers. C. Exceptional expenses Not part of the organization's day-to-day business. (Warning: not catch-all) 3/ Accounting transactions on the operating account Operations on expenses and revenue accounts - an essential share of accounting mvts.

- 1/ Opening: at the beginning of each fiscal year, expenses and reset products - 2/ 04 January, ASBL buys small equipment for 100 euros and receives 30 euros for participation

4/ The link between the income statement and the balance sheet "Accounting life": jointly animate, according to the activities, the balance sheet and operating accounts. Example: ASBL buys a vehicle for 5000 euros, does not pay directly (maturity 1 month) - buys small equipment (100) and receives 2 subscriptions (200)

5/ Closing accounts at this stage Def: Defer in a balance sheet and in the operating account the balance of ttes the transactions that took place and were recorded. Generally, the result is calculated first and carried forward in the balance sheet as an interim result during the year and the final result at the end of the year.

5. KEEP

AN ACCOUNTING

1/ The book-journal When a proof is given, the accountant records it in a1st register "diary of operations" with strict codes and instructions "writings": - Time number (order of receipt of docs), unique and no deviation /e/ writing - Date of operation - Person we have dealt with (supplier, customers...) - Type of mvt: purchase, sale, payment, purchase per cash - Nature of the transaction (assigns it to a selected account in the NCP) - Amount - End of a re-term, summary by customers/suppliers or types, dates - "centralization" Imagine situation without a computer. (nice and cheap programs: octopus and bob). A. Example for a purchase

It animates the balance sheet account and the income statement. It is written in French in the newspaper and the software will translate it into the other writings.

B. Example for a sale

C. Example for a bank transaction (financial) Case writing relating to a bank account, number of the extract that is operation number

D. Example for a cash transaction (financial Combine a buying, selling and financial log, based on a statement of expenses and revenues made during the reference period. Must be

noted in pro-forma numbered register (SI must be corrected, keep the old info). It is necessary to animate as many newspapers as necessary to correspond to the realities of activities: - "Shopping logs" or "entry logs." It is possible to have several in the event of a "multi-service" - "Sales logs" or "exit logs." Possible several too. - "Financial newspapers": bank or cash transactions, minimum one per account and one per fund - "Journal of Miscellaneous Operations": transactions that do not necessarily include a financial flow or intervention by an external third party 2/ The "great book" and the notion of account We use sheets that will correspond to an account impacted by the writing made in the logs "double processing" of the operation that allows to have the information in two different ways as needed. Book-journal: vocation to target by type of operation over time Grand-book: encrypts the height of the operations already carried out and their nature. A. Buying

This allows you to give the balance of an account without having to do a long processing. B. The sale

C. Payment by the bank We find writings with less and more only in the books of the bank and for the cash register.

D. Payment per cash

E. Let's combine all the writings of the ledger: centralization

Number 0: indicates the starting sales, the opening, it can also be: ODouv, OD0 We take the first letter of the newspaper and the number of the operation: V1-1st sale, F-financier, C-cash, A-purchase... The selected letters are set ourselves according to the chosen program. Today, accounting software allows the creation and updates of "account sheets" as soon as the log is encoded (including interim balance at tt. F. How accounts work and maturities Use of table rather than subtraction and addition. In table, on the left we have assets and charges and on the right, the liabilities and products. Accounts follow the same logic: - Active accounts and exp...