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Bookkeeping and Accounting All-in-One For Dummies, UK Edition

Book Description

Bookkeeping and accounting basics for the rest of us

Unless you're one of those rare "numbers people," the thought of accounting and bookkeeping probably make your head spin. While these pragmatic and confusing practices may not be fun for the rest of us, mastering them is absolutely essential in order to run and maintain a successful business. Thankfully, Bookkeeping & Accounting All-in-One For Dummies, UK Edition, is here to take the intimidation out of crunching numbers and offers easy-to-follow, step-by-step instruction on keeping your business' finances in order with information specific to a business in the United Kingdom.

Written in plain English and packed with loads of helpful instruction, this approachable and all-encompassing guide arms you with everything you need to get up and running on all the latest accounting practices and bookkeeping software. Inside, you'll find out how to prepare financial statements, balance your books, keep the tax inspector off your back, and so much more.

  • Gives you access to supplemental online samples of bookkeeping forms, accounting templates, and spreadsheets

  • Includes many practical bookkeeping and accounting exercises and templates

  • Simplifies every aspect of accounting and record-keeping

  • Shows you how to run your business "by the books"

  • If you're a small business owner or employee who is confused and intimidated by managing your accounts and books, this comprehensive guide empowers you to take charge of those pesky figures to keep your business afloat.

    Table of Contents

      1. Cover
      2. Introduction
        1. About This Book
        2. Foolish Assumptions
        3. Icons Used in This Book
        4. Beyond the Book
        5. Where to Go from Here
      3. Book I: Basic Bookkeeping
        1. Chapter 1: So You Want to Do the Books
          1. Delving into Bookkeeping Basics
          2. Defining and Maintaining a Ledger
          3. Using Bookkeeping Tools to Manage Daily Finances
          4. Running Tests for Accuracy
        2. Chapter 2: Getting Down to Bookkeeping Basics
          1. Bookkeeping: The Record-Keeping of the Business World
          2. Wading through Basic Bookkeeping Lingo
          3. Pedalling through the Accounting Cycle
          4. Understanding Accounting Methods
          5. Seeing Double with Double-Entry Bookkeeping
          6. Have a Go
          7. Answering the Have a Go Questions
        3. Chapter 3: Outlining Your Financial Roadmap with a Chart of Accounts
          1. Getting to Know the Chart of Accounts
          2. Starting with the Balance Sheet Accounts
          3. Keeping an Eye on the Profit and Loss Statement Accounts
          4. Setting Up Your Chart of Accounts
          5. Have a Go
          6. Answering the Have a Go Questions
        4. Chapter 4: Looking at Ledgers
          1. Developing Entries for the Ledger
          2. Posting Sales Invoices
          3. Posting Purchase Invoices
          4. Entering Items into the Nominal Ledger
          5. Cashbook Transactions
          6. Introducing Control Accounts
          7. Understanding How the Ledgers Impact the Accounts
          8. Adjusting for Nominal Ledger Errors
          9. Have a Go
          10. Answering the Have a Go Questions
      4. Book II: Bookkeeping Day to Day
        1. Chapter 1: Planning and Controlling Your Workload
          1. Introducing Checklists
          2. Sorting Out Your Sales Invoices
          3. Entering Your Purchases Invoices
          4. Checking Cash Payments and Receipts
          5. Reconciling Your Bank Account
          6. Entering Your Journals
          7. Controlling Your Books, Records and Money
          8. Have a Go
          9. Answering the Have a Go Questions
        2. Chapter 2: Counting Your Sales
          1. Collecting on Cash Sales
          2. Selling on Credit
          3. Cashing Up the Cash Register
          4. Monitoring Sales Discounts
          5. Recording Sales Returns and Allowances
          6. Monitoring Trade Debtors
          7. Accepting Your Losses
          8. Have a Go
          9. Answering the Have a Go Questions
        3. Chapter 3: Buying and Tracking Your Purchases
          1. Keeping Track of Stock
          2. Buying and Monitoring Supplies
          3. Staying on Top of Your Bills
          4. Have a Go
          5. Answering the Have a Go Questions
        4. Chapter 4: Doing Your Banking
          1. Making Sure that the Closing Cash Is Right
          2. Reconciling Bank Accounts
          3. Have a Go
          4. Answering the Have a Go Questions
      5. Book III: Undertaking Monthly and Quarterly Tasks
        1. Chapter 1: Adding the Cost of Value-Added Tax (VAT)
          1. Looking into VAT
          2. Registering for VAT
          3. Paying in and Reclaiming VAT
          4. Completing Your VAT Return
          5. Pursuing Payments and Repayments
        2. Chapter 2: Employee Payroll and Benefits
          1. Staffing Your Business
          2. Using the Real-Time Information System
          3. Collecting Employee Taxes
          4. Determining Net Pay
          5. Taxing Benefits
          6. Preparing and Posting Payroll
          7. Settling Up with HM Revenue & Customs
          8. Handling Payroll Year-End
          9. Have a Go
          10. Answering the Have a Go Questions
        3. Chapter 3: Adjusting Your Books
          1. Adjusting All the Right Areas
          2. Checking Your Trial Balance
          3. Changing Your Chart of Accounts
          4. Have a Go
          5. Answering the Have a Go Questions
      6. Book IV: Working to Prepare Financial Statements
        1. Chapter 1: Producing a Profit and Loss Statement
          1. Lining Up the Profit and Loss Statement
          2. Formatting the Profit and Loss Statement
          3. Preparing the Profit and Loss Statement
          4. Deciphering Gross Profit
          5. Monitoring Expenses
          6. Using the Profit and Loss Statement to Make Business Decisions
          7. Testing Profits
          8. Branching Out with Profit and Loss Statement Data
          9. Have a Go
          10. Answering the Have a Go Questions
        2. Chapter 2: Developing a Balance Sheet
          1. Breaking Down the Balance Sheet
          2. Gathering Balance Sheet Ingredients
          3. Pulling Together the Final Balance Sheet
          4. Putting Your Balance Sheet to Work
          5. Have a Go
          6. Answering the Have a Go Questions
        3. Chapter 3: Cash Flows and the Cash Flow Statement
          1. The Three Types of Cash Flow
          2. Setting the Stage: Changes in Balance Sheet Accounts
          3. Getting at the Cash Increase from Profit
          4. Presenting the Cash Flow Statement
          5. Sailing through the Rest of the Cash Flow Statement
          6. Free Cash Flow: What on Earth Does That Mean?
          7. Scrutinising the Cash Flow Statement
          8. Have a Go
          9. Answering the Have a Go Questions
      7. Book V: Accountants: Managing the Business
        1. Chapter 1: Discovering Different Business Types
          1. Finding the Right Business Type
          2. Tax Reporting for Sole Traders
          3. Filing Tax Forms for Partnerships
          4. Paying Taxes for Limited Companies
          5. Have a Go
          6. Answering the Have a Go Questions
        2. Chapter 2: Choosing Accounting Methods
          1. Decision‐Making Behind the Scenes in Profit and Loss Statements
          2. Calculating Cost of Goods Sold and Cost of Stock
          3. Identifying Stock Losses: Net Realisable Value (NRV)
          4. Managing Your Stock Position
          5. Appreciating Depreciation Methods
          6. Collecting or Writing Off Bad Debts
          7. Reconciling Corporation Tax
          8. Dealing with Foreign Exchange
          9. Two Final Issues to Consider
          10. Have a Go
          11. Answering the Have a Go Questions
        3. Chapter 3: Managing Profit Performance
          1. Redesigning the External Profit and Loss Statement
          2. Basic Model for Management Profit and Loss Account
          3. Travelling Two Trails to Profit
          4. Doing What-If Analysis
          5. A Final Word or Two
          6. Have a Go
          7. Answering the Have a Go Questions
        4. Chapter 4: Cost Conundrums
          1. Previewing What’s Coming Down the Road
          2. What Makes Cost So Important?
          3. Sharpening Your Sensitivity to Costs
          4. Putting Together the Pieces of Product Cost for Manufacturers
          5. A View from the Top Regarding Costs
          6. Have a Go
          7. Answering the Have a Go Questions
        5. Chapter 5: Business Budgeting
          1. The Reasons for Budgeting
          2. Budgeting and Management Accounting
          3. Budgeting in Action
          4. Capital Budgeting
          5. Reporting on Variances
          6. Staying Flexible with Budgets
          7. Have a Go
          8. Answering the Have a Go Questions
      8. Book VI: Accountants: Working with the Outside World
        1. Chapter 1: Getting a Financial Report Ready for Prime Time
          1. Reviewing Vital Connections
          2. Statement of Changes in Owners’ Equity and Comprehensive Income
          3. Making Sure that Disclosure Is Adequate
          4. Keeping It Private versus Going Public
          5. Nudging the Numbers
          6. Browsing versus Reading Financial Reports
        2. Chapter 2: How Investors Read a Financial Report
          1. Financial Reporting by Private versus Public Businesses
          2. Analysing Financial Reports with Ratios
          3. Frolicking through the Footnotes
          4. Checking for Ominous Skies on the Audit Report
          5. Finding Financial Facts
          6. Have a Go
          7. Answering the Have a Go Questions
        3. Chapter 3: Professional Auditors and Advisers
          1. Why Audits?
          2. Who’s Who in the World of Audits
          3. What an Auditor Does before Giving an Opinion
          4. What’s in an Auditor’s Report
          5. Do Audits Always Catch Fraud?
          6. Auditors and the Rules
          7. From Audits to Advising
      9. About the Authors
      10. Cheat Sheet
      11. Advertisement Page
      12. Connect with Dummies
      13. End User License Agreement