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Accounting can be chopped down
into 3 words
data entry
adjustment
and reporting
There are many accounting software
in the market
but none of them
can replace your accountant
and most importantly
good data entry
can save you a lot of money
The rest of the accounting process
varies according to accountants
But in general
the more organized your data
the less hour your accountant can charge you
Go to the entry
that's the double entry
that was automatically popped up
after the input
This is your accountant's job
to do the journal entries
and the adjustment
As you can see
if you organize them in a flat-table format
you're helpiing your accountants to retrieve
information
in an efficient manner
After the journal entries
the accountants will go to the trial balance
and make adjusting entries
Like this one
He can have as many columns as he wants
Finally he will come up with the reports
the financial reports
which is the balance sheet
and the income statement
or you can call it a "P&L"
You might not see the same financial report
as you do on this screen
because this is my template
You might have seen another template
from the other accountants
In Canada you have 2 tax forms
I create a template on the tax form also
Part of the tax form...
this is called "GIFI"
the general index of financial information
in Canada it is in schedule 101
in T2
cause it's for corporate tax
And...just show you something interesting
I can change it to Chinese
and if I go back to the tax form
like this one
like this one I just created
you'll see Chinese here
So...am...
for the tax balance as well
As you can see
as long as you organize your input data well
you don't need expensive software
If you like to start with a free template
feel free to download my template here
Thank you