[CHG] fp changes
This commit is contained in:
Xavier Morel
+134
-105
@@ -24,7 +24,6 @@
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var _this = this;
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return React.DOM.div(
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null,
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"Example journal entries: ",
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entries.map(function (entry, index) {
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return React.DOM.label(
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{
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@@ -116,146 +115,176 @@
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var entries = Immutable.fromJS([
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{
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title: "Company Founding",
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title: "Company Incorporation",
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operations: [
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{account: 'Cash', debit: 10000},
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{account: 'Common Stock', credit: 10000}
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{account: 'Assets: Cash', debit: 1000},
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{account: 'Equity: Common Stock', credit: 1000}
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],
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explanation: [
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"The founders invest capital in the company",
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"That capital is a debt of the company towards the founders",
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"It is represented as shares into the ownership of the company",
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"It is not a liability because it's not expected to be settled"
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"The company receives $1,000 in cash",
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"Shares worth of $1,000 belong to the founders"
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],
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configuration: []
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}, {
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title: "Buy work tooling (immediate cash payment)",
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title: "Customer Invoice ($100 + 9% tax)",
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operations: [
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{account: 'Tooling', debit: 3000},
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{account: 'Cash', credit: 3000}
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{account: 'Revenue: Goods', credit: 100},
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{account: 'Liabilities: Deferred Tax Liabilities', credit: 9},
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{account: 'Assets: Accounts Receivable', debit: 109},
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{account: 'Assets: Inventory', credit: 50},
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{account: 'Expenses: Cost of Goods Sold', debit: 50}
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],
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explanation: [
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"One asset (cash) is traded for an other asset (tooling)",
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"No new liabilities incurred",
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"Long-term assets are not expended immediately"
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"Revenues increase by $100",
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"A tax to pay at the end of the month of $9",
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"The customer owns you $109",
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"The inventory is decreased by $50 (shipping of the goods)",
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"The cost of goods sold decreases the gross profit by $50"
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],
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configuration: []
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configuration: [
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"Revenue: defined on the product, or the product category if not on the product, field Income Account",
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"Defered Tax Liabilities: defined on the tax used on the invoice line",
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"Accounts Receivable: defined on the customer (property)",
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"Inventory: defined on the category of the related product (property)",
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"Expenses: defined on the product, or the category of product (property)",
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null,
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"The fiscal position used on the invoice may have a rule that replaces the Income Account or the tax defined on the product by another one."
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]
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}, {
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title: "Buy work tooling (invoiced, to pay later)",
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title: "Reception of Goods - perpetual inventory",
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operations: [
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{account: 'Tooling', debit: 3000},
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{account: 'Accounts Payable', credit: 3000}
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{account: 'Assets: Uninvoiced Inventory', debit: 48},
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{account: 'Assets: Inventory', credit: 48},
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],
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explanation: [
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"An asset can be acquired through a liability",
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"Trade credits are short-term debts between businesses"
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"Inventory is increased by $48, the expected amount coming from the purchase order",
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"A temporary account is used for the counterpart and will be cleared when receiving the invoice"
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],
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configuration: []
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configuration: [
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"Uninvoiced Inventory: defined on the product or the category of related product, field: Stock Input Account",
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"Inventory: defined on the product category, field: Stock Valuation",
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null,
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"In this scenario, the purchase order is at $48, but the invoice the company will receive later will be at $50 (extra shipping costs)."
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]
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}, {
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title: "Customer Invoice ($100 + 9% tax) - perpetual inventory",
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operations: [
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{account: 'Revenue: Goods', credit: 100},
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{account: 'Liabilities: Deferred Tax Liabilities', credit: 9},
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{account: 'Assets: Accounts Receivable', debit: 109},
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{account: 'Assets: Uninvoiced Inventory', credit: 48},
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{account: 'Assets: Inventory', credit: 2},
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{account: 'Expenses: Cost of Goods Sold', debit: 50}
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],
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explanation: [
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"Revenues increase by $100",
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"A tax to pay at the end of the month of $9",
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"The customer owns you $109",
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"The inventory is decreased by $2 ($48 has already been posted)",
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"The temporary account (Uninvoiced Inventory) is cleared",
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"The cost of goods sold decrease the gross profit by $50"
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],
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configuration: [
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"Revenue Goods: defined on the product, or the product category if not on the product, field: Income Account",
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"Defered Tax Liabilities: defined on the tax used on the invoice line",
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"Accounts Receivable: defined on the customer (property)",
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"Inventory: defined on the category of the related product: Price Difference",
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"Uninvoiced Inventory: defined on the product or the category of the related product: Stock Input Account",
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"Expenses: defined on the product, or the category of product (property)",
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null,
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"The fiscal position used on the invoice may have a rule that replaces the Income Account or the tax defined on the product by another one."
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]
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}, {
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title: "Customer payment",
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operations: [
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{account: 'Assets: Cash', debit: 109},
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{account: 'Assets: Accounts Receivable', credit: 109}
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],
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explanation: [
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"The company receives $109 in cash",
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"The customer owns you $109 less"
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],
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configuration: [
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"Cash: defined on the journal used when registering the payment, fields Default Credit Account and Default Debit Account",
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"Accounts Receivable: defined on the customer (property)"
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]
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}, {
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title: "Buy an asset ($300,000 - no tax)",
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operations: [
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{account: 'Assets: Buildings', debit: 300000},
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{account: 'Liabilities: Accounts Payable', credit: 300000}
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],
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explanation: [
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"The company gets an asset worth of $300,000",
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"The company needs to pay $300,000 to the vendor (traded an asset against a liability)"
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],
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configuration: [
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"Buildings: Defined on the Asset category selected on the supplier bill line",
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"Accounts Payable: defined on the supplier related to the bill (property)"
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]
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}, {
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title: "Pay supplier invoice",
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operations: [
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{account: 'Accounts Payable', debit: 3000},
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{account: 'Cash', credit: 3000}
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{account: 'Liabilities: Accounts Payable', debit: 300000},
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{account: 'Assets: Cash', credit: 300000}
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],
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explanation: [
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"Liabilities must be settled",
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"Settling a liability is an outflow of resources (assets)"
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"The company owns $300,000 less to the supplier (liabilities are settled)",
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"The company's cash is reduced by $300,000 (reduction of asset)"
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],
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configuration: []
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configuration: [
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"Accounts Payable: defined on the supplier you pay (property)",
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"Cash: defined on the journal related to the payment method"
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]
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}, {
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title: "Cash sale (paid immediately)",
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title: "Cash sale (Sales Receipt)",
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operations: [
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{account: 'Cash', debit: 100},
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{account: 'Sales', credit: 100}
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],
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explanation: [],
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configuration: []
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}, {
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title: "Invoiced sale (trade credit)",
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operations: [
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{account: 'Accounts Receivable', debit: 1000},
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{account: 'Sales', credit: 1000}
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{account: 'Assets: Cash', debit: 109},
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{account: 'Revenue: Goods', credit: 100},
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{account: 'Liabilities: Deferred Tax Liabilities', credit: 9}
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],
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explanation: [
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"A sale is revenue",
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"What a client owes is an asset"
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"Company's cash is increased by $109",
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"Revenues increase by $100",
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"A tax of $9 has to be paid"
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],
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configuration: []
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configuration: [
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"Cash: Payment method defined on the Sales Receipt",
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"Sales: Defined on the product used in the sales receipt, or the category of product if empty",
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"Deferred Tax Liabilities: Defined on the tax used in the sales receipt (coming from the product)"
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]
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}, {
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title: "Customer pays invoice",
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title: "Customer pays invoice, 5% early payment rebate",
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operations: [
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{account: 'Cash', debit: 1000},
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{account: 'Accounts Receivable', credit: 1000}
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{account: 'Assets: Cash', debit: 950},
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{account: 'Revenue: Sales Discount', debit: 50},
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{account: 'Assets: Accounts Receivable', credit: 1000}
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],
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explanation: [
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"The customer owes less",
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"The bank account increases",
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"A client paying an invoice is a financial movement from one asset to an other",
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"Company's cash is increased by $950",
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"Sales discounts lowering effective revenues by $50",
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"The customer owns $1000 less to the company"
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],
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configuration: []
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configuration: [
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"Cash: is defined on the journal related to the payment / bank statement",
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"Sales Discount: is selected during the payment matching process",
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"Accounts Receivable: is defined on the customer associated to the payment"
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]
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}, {
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title: "Customer pays invoice, 10% early payment rebate",
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title: "Fiscal year closing — positive earnings and 50% dividends",
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operations: [
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{account: 'Cash', debit: 900},
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{account: 'Sales Discount', debit: 100},
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{account: 'Accounts Receivable', credit: 1000}
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{account: 'Net Profit', debit: 1000},
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{account: 'Equity: Retained Earnings', credit: 500},
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{account: 'Liabilities: Dividend Payable', credit: 500}
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],
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explanation: [
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"Sales discounts are contra revenues",
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"They are negative revenues, lowering effective revenue",
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"They are not expenses"
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"The P&L is cleared (net profit)",
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"50% is transferred to retained earnings",
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"50% will be paid to shareholders as dividends"
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],
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configuration: []
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}, {
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title: "Cash sale with tax",
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operations: [
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{account: 'Cash', debit: 109},
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{account: 'Sales', credit: 100},
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{account: 'Taxes Payable', credit: 9}
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],
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explanation: [
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"Selling with tax means there is tax to pay",
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"Tax to pay is a liability"
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],
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configuration: []
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}, {
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title: "Fiscal year cloture — positive earnings and 50% dividends",
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operations: [
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{account: 'Revenue', debit: 5000},
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{account: 'Income Summary', credit: 5000},
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null,
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{account: 'Income Summary', debit: 4000},
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{account: 'Expenses', credit: 4000},
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null,
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{account: 'Income Summary', debit: 1000},
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{account: 'Retained Earnings', credit: 1000},
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null,
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{account: 'Retained Earnings', debit: 500},
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{account: 'Dividend Payable', credit: 500}
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],
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explanation: [
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"Closing a fiscal year means transferring all P&L accounts to retained earnings",
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"If the retained earnings account is positive, a dividend may be paid to owners/shareholders",
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],
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configuration: []
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}, {
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title: "Fiscal year cloture — negative earnings and dividend irrelevant",
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operations: [
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{account: 'Revenue', debit: 5000},
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{account: 'Income Summary', credit: 5000},
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null,
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{account: 'Income Summary', debit: 6000},
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{account: 'Expenses', credit: 6000},
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null,
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{account: 'Retained Earnings', debit: 1000},
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{account: 'Income Summary', credit: 1000}
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],
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explanation: [
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"Dividends are paid from a positive retained earnings account",
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"Net losses will lower retained earnings",
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"Dividends may still be paid if the account is positive because of previous years"
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],
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configuration: []
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configuration: [
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"This transaction is recorded by the advisor before closing the fiscal year, depending on how the company uses its net profit."
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]
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}
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]);
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}());
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