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Xavier Morel
2015-03-16 10:07:10 +01:00
parent 1ad6d35dd8
commit 0e8449f623
5 changed files with 247 additions and 251 deletions
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index.rst
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@@ -6,57 +6,55 @@ Accounting Memento For Entrepreneurs
.. rst-class:: intro-list
* .. rst-class:: intro-p-l
.. rst-class:: intro-p-l
The **Profit and Loss** (P&L) report shows the performance of the company
over a specific period (usually the current year).
The **Profit and Loss** (P&L) report shows the performance of the company
over a specific period (usually the current year).
* .. rst-class:: intro-gross-profit
* .. rst-class:: intro-gross-profit
The **Gross Profit** equals the revenues from sales minus the cost of
goods sold.
The **Gross Profit** equals the revenues from sales minus the cost of
goods sold.
* .. rst-class:: intro-opex
* .. rst-class:: intro-opex
**Operating Expenses** (OPEX) include admininstration, sales and R&D
salaries as well as rent and utilities, miscellaneous costs, insurances, …
anything beyond the costs of products sold.
**Operating Expenses** (OPEX) include administration, sales and R&D
salaries as well as rent and utilities, miscellaneous costs, insurances, …
anything beyond the costs of products sold.
* .. rst-class:: intro-balance
.. rst-class:: intro-balance
The **Balance Sheet** is a snapshot of the company's finances at a specific
date (as opposed to the Profit and Loss which is an analysis over a period)
The **Balance Sheet** is a snapshot of the company's finances at a specific
date (as opposed to the Profit and Loss which is an analysis over a period)
* .. rst-class:: intro-assets
* .. rst-class:: intro-assets
**Assets** represent the company's wealth, things it owns. Fixed assets
includes building and offices, current assets include bank accounts and
cash. A client owing money is an asset. An employee is not an asset.
**Assets** represent the company's wealth, things it owns. Fixed assets
includes building and offices, current assets include bank accounts and
cash. A client owing money is an asset. An employee is not an asset.
* .. rst-class:: intro-liabilities
* .. rst-class:: intro-liabilities
**Liabilities** are obligations from past events resulting in future use
or transfer of current assets (utility bills, debts, unpaid suppliers).
**Liabilities** are obligations from past events that the company will have to pay in the future (utility bills, debts, unpaid suppliers).
* .. rst-class:: intro-equity
* .. rst-class:: intro-equity
**Equity** the amount of the funds contributed by the owners (founders or
shareholders) plus previously retained retained earnings (or losses).
**Equity** is the amount of the funds contributed by the owners (founders or
shareholders) plus previously retained earnings (or losses).
A difference is made between buying an assets (e.g. a building) and expenses
(e.g. fuel). Assets have an intrinsic value over time, versus expenses having
value in them being consumed for the company to "work".
Assets have necessarily been financed via liabilities or equity: a company can
buy work space through profits, debts or injected capital (fund raising).
.. h:div:: force-right accounts-table
.. placeholder
What is owned (assets) has been financed through debts to reimburse
What is owned (an asset) has been financed through debts to reimburse
(liabilities) or equity (profits, capital).
A difference is made between buying an assets (e.g. a building) and expenses
(e.g. fuel). Assets have an intrinsic value over time, versus expenses having
value in them being consumed for the company to "work".
.. rst-class:: force-right
.. highlights:: Assets = Liabilities + Equity
@@ -64,18 +62,19 @@ What is owned (assets) has been financed through debts to reimburse
Chart of Accounts
=================
The **chart of accounts** lists all the accounts used by the company, whether
they are balance sheet accounts or P&L accounts. Every financial transaction
(e.g. a payment, an invoice) impacts accounts by moving value from one account
(credit) to an other account (debit).
The **chart of accounts** lists all the accounts, whether they are balance
sheet accounts or P&L accounts. Every financial transaction (e.g. a payment, an
invoice) impacts accounts by moving value from one account (credit) to an other
account (debit).
.. h:div:: force-right
.. highlights:: Balance = Debit - Credit
.. h:div:: chart-of-accounts
.. placeholder
.. highlights:: Balance = Debit - Credit
Journal Entries
===============
@@ -121,38 +120,32 @@ to the sum of all its credits.
- Bank Account: defined on the related bank journal
- Account Receivable: defined on the customer
Reconciliation
==============
At a financial level, journal entries (and the corresponding operations in a
company's account) are independent from one another: the invoices a company
emits and the payments it receives are separate journal entries.
Reconciliation is the process of linking journal items of a specific account,
matching credits and debits.
It's thus easy to know how much was sold (by tallying the income account) and
how the company is still owed overall (receivables) but not how much a
specific client owes or which specific invoices are still unpaid (in order to
send reminders for instance).
Its primary purpose is to link payments to their related invoices in order to
mark invoices that are paid and clear the customer statement. This is done by
doing a reconciliation on the *Accounts Receivable* account.
Reconciliation is the process of correlating and linking journal items,
matching the credits and debits of a specific account:
An invoice is marked as paid when its Accounts Receivable journal items are
reconciled with the related payment journal items.
* within a single account, look for all non-reconciled items (usually with a
specific second party, e.g. all operations on *Accounts Receivable*
concerning the same client)
* link debiting items with crediting items, each side (debiting and crediting)
can have multiple items.
Reconciliation is performed automatically by the system when:
* the payment is registered directly on the invoice
* the link between the payment and the invoice is detected at the bank matching
process
The system can then use reconciliation to automatically mark invoices as paid
(or partially paid), prepare and send reminders, flag accounting issues, …
.. rst-class:: force-right
Example
-------
Reconciling on *Accounts Receivable* with all operations involving that
specific customer will result in:
.. rst-class:: table-condensed d-c-table
+-------------------------+-------------------------+-------------------------+
@@ -175,63 +168,3 @@ specific customer will result in:
|Total To Pay |50 | |
+-------------------------+-------------------------+-------------------------+
Bank Reconciliation
-------------------
Bank reconciliation is the process of finding and explaining the differences
between the bank statements provided by banks and the company's own
accounting. It is used to both import the bank's operations into the internal
books (e.g. banking or overdraft fees) and discover issues (missing records,
checks not passed to banks, operation inversions, …).
There are two main ways to perform bank reconciliation:
Intermediate account
~~~~~~~~~~~~~~~~~~~~
Bank statements can be encoded in a dedicated "bank" account, which is then
reconciled normally.
.. h:div:: force-right
* encode a check being sent:
.. rst-class:: table-condensed d-c-table
+--------------------+-----+------+
| |Debit|Credit|
+====================+=====+======+
|Accounts Payable |121 | |
+--------------------+-----+------+
|Emitted Checks | |121 |
+--------------------+-----+------+
* get the bank statement and encode it:
.. rst-class:: table-condensed d-c-table
+-----------------+-----+------+
| |Debit|Credit|
+=================+=====+======+
|Emitted Checks |121 | |
+-----------------+-----+------+
|Bank | | 121 |
+-----------------+-----+------+
* reconcile on the Emitted Checks account, it is a normal reconciliation
process between two journal items
Bank reconciliation
~~~~~~~~~~~~~~~~~~~
The operation can also be implemented specifically, this is used e.g. in the
US. In that situation, each act having to do with a potential bank account
operation (bank transfer, check, payment notification) is immediately encoded
to a journal entry and when the bank statement is received its entries are
correlated to the previously encoded entries.
In that case, the bank statement does not generate entries, it only points
to/validates previously created entries.
.. note:: In Odoo, that would be Pay Invoice -> Import Bank Statement, only
added to master mid-january.