Bookkeeping

Active Accounting Services Co.,LTD

Bookkeeping

January 3, 2019 Uncategorized 0

MONTHLY BOOKKEEPING

  • Review and analyst the accounting documents provided by the Company to understand about the nature of those transactions.
  • Inquiry with the Company’s accountant if consider necessary for the understanding as well as the gathering more supporting evidence in order to ensure that the transactions are valid.
  • Classify those transactions into different account code (a voucher will be produced for referencing purpose).
  • Discuss with the Company’s accountant if consider necessary for the treatment of those accounting transactions to ensure the recording is completed and accuracy.
  • Record those transactions into the QuickBooks Computerized Accounting System based on the above analysis. Accrual basis will be applied for this bookkeeping.
  • Prepare the following adjustment to the unadjusted trial balance which will be produced: 
  • The depreciation on property, plant and equipment
  1. Inventories
  • Supplies
  • Cash and bank
  • Prepayment and deposit
  1. Accrued expenses
  1. Interest expense
  • Provisions
  • Unearned income
  • Taxation
  1. And other balance sheet items which affect to the financial statements
  2. Prepare the adjusted trial balance before preparing the financial statements.
  3. Prepare monthly financial statements which the following steps will be made to ensure that the reports are completed and accuracy:
  1. Analytical review on each chart of account and expenses accounts to ensure all expenses are completely recorded and reasonable
  • Produce stock report to find out the cost of goods/services sold and the inventories cost on hands as of each month
  • Produce variance analysis of any significant increase or decrease of expenses for management attention if applicable
  • Monthly financial statements (Balance sheet, income statement, statement of changes in equity and cash flows) will be prepared and send out for approval