Streamline Your Bill Statement Format for Accounting and Tax with Ease
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Bill statement format for accounting and tax
Creating an effective bill statement format for accounting and tax purposes is crucial for businesses to maintain compliance and ensure clarity in their financial documentation. One efficient way to facilitate this process is by leveraging the power of airSlate SignNow, which offers a comprehensive and user-friendly platform for document management and e-signatures.
Bill statement format for accounting and tax using airSlate SignNow
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FAQs
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What is the bill statement format for Accounting and Tax?
The bill statement format for Accounting and Tax is a standardized document that outlines the financial transactions, including invoicing and payments due. This format helps businesses maintain accurate records and simplifies the accounting process, ensuring compliance with tax regulations. -
How can airSlate SignNow help create a bill statement format for Accounting and Tax?
airSlate SignNow offers customizable templates that allow businesses to easily create a bill statement format for Accounting and Tax. The platform provides user-friendly tools that facilitate the efficient design and automation of billing documents, reducing the time spent on manual entry. -
What features does airSlate SignNow provide for managing bill statements?
airSlate SignNow includes features such as eSigning, document templates, and cloud storage for managing bill statements. These features ensure that your bill statement format for Accounting and Tax is not only compliant but also easily accessible and securely stored. -
Is airSlate SignNow cost-effective for small businesses looking for billing solutions?
Yes, airSlate SignNow is designed to be cost-effective for small businesses needing comprehensive billing solutions. By providing an affordable pricing structure, it allows companies to utilize an efficient bill statement format for Accounting and Tax without breaking their budget. -
Can I integrate airSlate SignNow with my existing accounting software?
Absolutely! airSlate SignNow supports various integration options with leading accounting software, enabling seamless completion of bill statements. This facilitates the straightforward use of a bill statement format for Accounting and Tax within your current system. -
What are the benefits of using airSlate SignNow for bill statements?
Using airSlate SignNow for bill statements offers numerous benefits, including time-saving automation, enhanced accuracy, and secure document management. This ensures that your bill statement format for Accounting and Tax meets industry standards while simplifying your workflow. -
How secure is airSlate SignNow when handling sensitive financial documents?
airSlate SignNow employs robust security measures, including data encryption and secure cloud storage, to protect sensitive financial documents. This makes it a reliable choice for managing your bill statement format for Accounting and Tax, providing peace of mind regarding data confidentiality. -
Can I customize the bill statement format for Accounting and Tax in airSlate SignNow?
Yes, airSlate SignNow allows complete customization of the bill statement format for Accounting and Tax. You can tailor templates to include specific company branding, payment terms, and other necessary details to meet your business needs.
What active users are saying — bill statement format for accounting and tax
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Bill statement format for Accounting and Tax
hey guys in today's video i'm going to show you how to create financial statements from scratch and i figured that the best way to do this is to go through a business from its inception or the moment that we started the business and funded it with the initial investment and so what we'll do is we'll look at the initial investment into the business and how we account for that in terms of journal entries and then we'll look at the initial transactions in month one and then prepare the journal entries for months one as as well as a trial balance and then go through the flow of of how the data flows from transactions to trial balance and then from trial balance we'll take it into uh summarizing it into financial statements so i'm going to show you all that in today's video and if this all sounds good to you uh give this video an early like so that it reaches as many people as possible and without further ado let's jump into today's video make sure to downl i'll leave a link in the description so go ahead and check it out and again it's 100 free it includes a set of financial statements and the financial metrics along with their purpose formula calculation as well as the explanation of why the ratio is either good poor et cetera all right so let's look at what kind of transactions are happening at the beginning of a business so at the start of the business you are investing a hundred thousand dollars into the business as an equity so this is your equity initial investment that you're putting into the business and then in months one of the operation of the business to get it going you hire some staff so let's say you hire the three staff members and the initial month of salaries is fifteen thousand dollars you also bought some office supplies for two thousand dollars um furniture uh which is maybe the desks and shares and things that you need to operate the business two thousand dollars uh pcs assuming that you are buying uh you know three of them for each one for each staff member that does three thousand dollars and then we'll assume that you spend the marketing five thousand dollars uh you know maybe things like online advertising or some maybe print uh marketing material as well and we'll assume that in the first month as well you generated thirty thousand dollars in revenue so now what we'll do we'll go ahead and create uh journal entries uh from these transactions and the way we're gonna create the journal entries will will use our visual aid here or our acronym dealer d-e-a-l-e-r and um if you haven't seen my video on how to record journal entry i'm going to leave a link to it up here basically this is the acronym that i use even up until today after 15 years in accounting to remember my debits and credits and basically the acronym the dealer d is for dividend e is for expenses a is for assets um and the other side of it the credit side of it is liability for else reliability e for equity are for revenue and obviously every transaction will have two sides a debit and a credit basically it's not necessarily good or bad to be debit or credit uh but it's just to record that dual nature of any transaction so any transaction has two sides of it to represent the economic benefit of of that transaction say if you have a payroll expense on one side of the transaction you have debit to payroll expense right here so e for expense will have a debit nature and then cash will be on the credit side to represent the economic value that you're giving up cash and getting a service from the employee or return so that's why you have debit and credit to each transaction so we'll use this visual aid here dealer to go ahead and record our journal entries and so what we'll do is we'll begin with the initial investment of a hundred thousand dollars and record that into uh journal entry so basically as you invest money into the business uh this becomes your equity so basically this is money coming into the business a hundred thousand dollars coming into the business so you're recording in the cash journal here a hundred thousand dollars and the way to know whether it's debit or credit you may already know this if you've done this before but basically uh you look here you see in the dealer model um asset and a cash is asset and it's a debit to increase it so basically you record a hundred thousand dollars on the debit side and then for the credit uh we said that when you are bringing money into the business this is your equity uh so this is recorded in the form of paid in capital or additional paying capital in this case so the credit will be to additional paid in capital and always credit will be on the right side and debit will be on the left side so the credit will also be a hundred thousand dollars so now we've recorded our first uh investment or the initial investment into the business now let's go through the transactions that we have um and record them as well so we have salary for fifteen thousand dollars whenever you're spending any money and if you want to decide as an accountant you want to decide if that's an expense or an asset if you're spending money on salary the way to decide if it's an expense or an asset is if the uh if there's a future economic benefit from that purchase so this is a salary and basically it relates to the month that we're in you receive the service from your staff and you're paying them a salary so basically it relates to the month that we're in so it's an expense but if you are spending on any kind of expenditure that has a future economic value that now you're buying an asset but in this case this is an expense because we are simply paying for the service rendered in this month so this is an expense and if we look here expenses to increase them they have a debit nature so for to debit that would be fifteen thousand dollar debit to salary and then the credit because you the cash is going out so you're spending you're getting the service uh fifteen thousand dollars but the cash is going out so cash when it goes out you'll be in the credit side the opposite way as when it comes in so that would be a credit fifteen thousand for payroll the next transaction is office supplies so now we are buying office supplies for two thousand dollars and again think of it the same way if you're spending two thousand dollars to buy office supplies is that an expense or an asset is there a future economic benefit from getting office supplies yes there is so you buy office supplies today with the purpose of using it over time so there's a future economic benefit and it might you know might even last you for a whole year so basically this is going to be an asset and so an asset is here on the model it will be a debit to increase it so office supplies which is right here will be a debit of two thousand dollars and again with cash because you're spending in cash cash is going out so it's a credit of two thousand dollars the next item is going to be furniture so you're buying some desks and chairs for your staff for two thousand dollars and again you can think of it the same way basically uh you have two thousand dollars um going out for a future economic benefit so that's an asset so furniture were recorded the same way it's a debit 2k and a credit to cash for 2k great all right up next uh pcs so we're buying three pcs same concept you're buying the pcs you're spending the money it's not an expense because it's not only for the period that we're in it's for future economic benefit so same way for pcs three thousand dollars which will go right here pcs so three thousand uh debit and credit to cash for three thousand up next we have marketing expense uh five thousand dollars now with marketing uh the sometimes it depends whether uh you're spending this marketing for a future uh let's say it's a prepaid like maybe a marketing platform that you're pre-paying into for a future consumption of that pay or um you're spending on an service that got rendered in the month in this case here we are spending five thousand dollars we're assuming that it's rendered the service already has been rendered and the month so it's a fully expense um so that one it depends you got to be careful whether the marketing expense is for future uh benefit or already something that's already got consumed in this case the marketing service has been consumed five thousand dollars so uh it's an expense so when you look here expense have a debit nature to increase them will be a debit so we'll go to marketing and we'll record a debit of 5k and we'll record the cash credit cash going out for 5k so now we recorded the debit and credit of that transaction so now we're done with our expenses and we're saying that in the same months we generated revenue of 30 000 so the way to record revenue looking here at our dealer acronym revenue is down here in the world dealer is a credit so to increase revenue it's a credit so you look at revenue which is right here so that's a credit of thirty thousand dollars and you can guess where the debit will be it depends i guess if you are receiving in cash the entire amount uh from your customer or you have an account receivable up months and in this case we'll assume that it all got received in cash so that increases our cash and when cash is increased it's an asset to increase it as a debit so that will be also here a debit of 30 000. so now that we've recorded all of our transactions into the form of journals we can go ahead and sum uh each t account these are called referred to as t accounts because uh one side of this debit and the other side is credit and it's just a way to record a journal entry in a visually easy way uh just to see where your debits and credits are at so what we'll do is we'll we'll sum each uh account and these in these accounts here and then we'll transfer the summation of each of these accounts into a trial balance so that we can make sure that it balances obviously from the name try balance you are trying out whether the account will balance uh because if you don't balance it means that you misrecorded one of your entries here when the balance you get a good indication that your accounting is right but it's not 100 because you know you could record one of these uh entries in reverse and still have an equal debit and credit at the end and try a balance but it will give you at least um some comfort that your journal entries are correct and then the other the rest of it is that you do a bank reconciliation when you do a bankruptcy reconciliation you'll know whether you missed anything in your expenses or not so uh two steps that you normally do to make sure your accounting is right is to create a trial balance out of your journal entries and then secondarily is to conduct a bank reconciliation where you agree your cash balance a month end to the bank statement to catch any other uh mistakes or admissions that you might have made so we'll go ahead and sum each of our t accounts here so that we can transfer the balances through a trial balance so for cash in the debit side we have 30 plus 100 that's 130k and on the credit side of cash we have credit 50 plus 2 that's 17 plus 2 19 plus 3 22 plus 5 27 k on the credit side so we can transfer that balance over to our trial balance so basically it's a debit of 130 minus credit of 27 that means a balance of 103 a debit of 103. so you transfer that over here 103. and you do the same thing basically for all the other accounts so apec uh has only one entry credit of 100k so that would be 100k on the credit side you transfer that here apec um 100k on the credit side and this is going to be in all in thousands and then for revenue credit 30k so that's a balance of 30k credit side revenue 30. and then you have salary 15 in a debit side so that's a 15k when you sum it so 15k salary you transfer that as well so 15k for salary on the debit side um and then you move over here office supplies 2k debit side so office supplies to furniture we have a debit 2k same thing so that will go in furniture here um we have pcs 3k pcs 3 and then we have marketing 5k debit total so marketing 5k which will go right here now uh to check whether each side both sides of debits and credit will balance you just add them up uh so in the debit side we have 103 plus 2 that's 105 plus 7 plus 2 is 107 110 125 plus 5 is 130. and credit side we have additional paid in capital 100 plus revenue 30 that's 100 plus 30 is 130. so that tells you right there that your entries here were correct in terms of debit and credit um to be sure you would do you get a bank statement and compare the balance in the bank statement to the cash balance here 103 make sure that's correct and that will give you additional comfort that your entries were correct so what we'll do is we'll maybe make some space on this side [Music] okay you're ready so now what we'll do is we'll take the balances from the trial balance that we made sure that a balance is there and we'll take the balances and summarize them in terms of income statement and balance sheet so basically what we look here at is revenue so what's our revenue here from the trial balance we have 30. so revenue and this is also going to be in thousands 30. expenses we have salary right here of fifteen thousand we have marketing expense five thousand total expenses of 20 000 and the net income will be revenue minus total expenses that would be 10 000. now when we look at the balance sheet basically we summarize in terms of assets and then so the the two sides that were balanced is one side assets the other side is total liabilities and equity so basically assets we have cash right here one or three office supplies 2000 pc and furniture so we're going to sum together furniture and pc in one line item so that would be two plus three will be five that will give us total assets of 103 plus two plus five that would be um 110 110k in uh total assets now in the other side of the balance sheet we have liabilities in this case we don't have any liabilities just by looking at the trial balance in some cases you could have accounts payable if you are uh spending some of your expenditures on uh on credit but basically in this case we paid for it in cash so there is no liability at month's end equity will be uh apec or additional paying capital which we have here of 10 000 or 100 000 rather and then the remaining of the equity would be retained earnings and this is the area where most people would make a mistake which is the other side or what would make a balance sheet balance because basically if you look at the two sides of the balance sheet on one side total ads is 110 the other side you have additional paying capital over 100 which is the initial investment into the business but basically the remainder is retained earnings and retained earnings basically is the accumulation of earnings into the business and so what were the earnings in this month on the first month of operation it was the 10 000 net income that we had so that becomes then retained earnings which increases the equity of the owner so retain earnings that's 10 and so if you add up then apec 100 plus 10 is 100 which would balance with total assets and now your assets on liabilities owner's equity are balancing so now you have the income statement and the balance sheet and we went over the flow of data from transactions to journals to trial balance so if you learned from this video and you liked it go ahead and smash that like button and if you know someone else that might benefit from this content go ahead and share it with them and i'll see you in the next video [Music] [Music] you
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