What are the accounting restrictions for private schools?
What are the accounting restrictions for private schools?
Organization of the accounting affairs of the school works towards short-term and long-term financial successes, Accounting is based on recording financial statements and items And different accounts of the different assets that enter and exit from school، And work on the establishment of accounting documents is based on achieving the milestones of the success of private, international and government schools, by achieving and analyzing information and data for the various departments related to school.
What's the school accounting course?
The accounting course is known as a way to restrict accounting processes, and shows the valuable exchange between the two parties of the financial transaction of the creditor and the debtor, and inspires a translation of the process that occurred between them, as the documentary courses know that it is a set of courses that concern financial accounting, be the first stage in the application of accounting processes, and explains the sequence and progress of accounting processes that take place within the school and which are compiled and organized accounts, inputs and outputs and recorded in the journal
One of the objectives of accounting for schools is to link financial information to each other, and to communicate it to several parties properly, and the data is reached properly, and accountants organize this data into expenses, expenses, expenses, and the accounting cycle of stores is known as the responsibility for the follow-up of all the data for items, goods and documentary processes located in stores, and is based on monitoring inventory and what is transferred between stores and some of them and ensuring that the actual materials in the stores and recorded in the papers, the document cycle of the schools are the most important that reveals what happens inside the stores. Stores and registration companies supplying school items.
Documentary cycle for sales and purchases
Explains what was done within the school from the sales or purchases during a specific fiscal year, and the accounting courses are left behind from one school to another depending on its system and financial size.
Documentary cycle for private schools
Documentary courses for private school, is one of the groups of courses for financial accounting, one of the first stages in achieving the objectives of accounting operations, which is the most important elements in which the documents are conducted, and the extent of the progress of the processes that occur through the collection of data and recording; Sections that help achieve the financial figures to be achieved in the future
After the financial operations of the accounts (debtor and creditor) are analyzed, the financial accounts are recorded in the journal in the form of accounting restrictions
After registration, the posting process is carried out and the financial transactions recorded in the journal are transferred to their accounts in the GENERAL LEDGER.
Set up the review balance before adjustment:
Before adjustments, a review balance is prepared to display all closing account balances to prepare for the next step (setting up the audit balance after adjustment).
A set of book accounting procedures such as day-to-day restrictions at the end of the accounting period to settle accounts and determine income and expenses.
Set up the review balance after adjustment:
After inventory adjustments are prepared, the audit balance is set up to ensure that the received balances match the credit balances and reflect the impact of inventory adjustment restrictions.
Preparing financial statements - income list - financial position list.
The stages of the documentary function in the school accounts program:
1- Register in the journals
This is the step that occurs after analyzing financial transactions, organizing accounts between the debtor's parties and the creditor and registering them in the journal in the form of accounting restrictions.
It is posted to the professor's book and is defined as a transfer of financial transactions that have been recorded in the books in the form of restrictions.
3- The numbers of the balance of the review:
We set up the audit balance to view accounting balances.
A set of book accounting procedures to settle school accounts and determine returns and expenses.
School accounts management
Pioneers Solutions offers Edu Step Up program for the management of international and private schools, from its tasks of managing the school accounts professionally, because it is an accounting application that helps the school to organize its accounts, and the list of accounts within the program contains:
1- chart of accounts
The nature of the account is chosen (assets - obligations - income - expenses)
2- list of setting
Controls the settings for the main and sub-accountsand the budget settings.
3- Add safe
By adding the name of the safe, the main account name and the supplement, the opening balance and the opening balance rating
Debtor or credit.
4- Add bank
We add the name of the bank, the main account name, the account number, the account holder, the supplementary account, the opening account, and the opening account rating from a debtor or creditor.
5- Definition Of Cash Receipt:
By specifying the bond number, the type of exchange permit, the name of the exchange account (cash- cheques) and the main and subaccount type, its value and statement.
6- Cost centers
We register the name of the center and choose its main branch.
7- warrant of payment
we specifying the number of the bond, the type of exchange permit (cash- cheques), the name of the exchange account, the type of the main and subaccount, its value and its statement.
By specifying the date and name of the account to display the total creditor, debtor and balance during the period and the total balance.
9- Trial balance
We determine the level and display the credit and debit balance and the opening balance.
10- Opening balance
By specifying the name and value of the account and the balancing item from a debtor or creditor.
11- Profits and losses
Includes trading and operating lists, profit and loss lists, income and budget lists.