Accounting para españoles

Posted on 30 January, 2014

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We are accountants…
Our role involve…

We RECORD transactions and we USE cash books and ledger accounts. These transactions are supported by original documents. For example: bills or receipts. (facturas o recibos)

We RECORD significant events with prudence. We record LOSSES (pérdidas)as soon as possible if we have some kind of likely event for considering that. Example: provision for legal responsibilities. We record PROFITS (Beneficios) when they actually occur.
(la prudencia y la fiabilidad en las cuentas)

We PRESENT accounting information related to the business for a specific period of time. We MESURE profits for an accounting period.

We CLASSIFY items into categories:

ASSETS (activos)
Current assets: Bank, cash, debtors, stock. (cuentas 5.)
Non current assets: Equipment (less depreciation) (cuentas 2. y 3.)

EQUITY (pasivos)
Current liabilities (deudas-obligaciones): creditors, accrued salaries, loans. (cuentas a pagar, salarios pendientes, préstamos a corto, compras a crédito y las cuentas subgrupo 47)
Non current liabilities: Loans (préstamos a largo)
Owner’s equity: capital, net profit. (beneficio neto)

REVENUES (Ingresos)
Cash sales or credit sales. Financial revenues.

EXPENSES (Gastos)
Total cost of product or service sold.
Operating expenses: commercial, administrative, financial for example.

We CHECK the accuracy of ledger recordings.
General ledger=mayor. Journal=diario.

We RECONCILE the bank ledger account (572) with the bank statement (extracto)

We ANALYSE data, reports, information and paperwork. It means that we examine carefully (in detail) the accounts or the statements to audit their accuracy (precisión).

We MAKE REPORTS and We REPORT STATEMENTS TO SOMEBODY (chief of department/senior manager/CEO/partners/stakeholders) useful information.
Por “report”(as a noun) entendemos que hablamos de informes contables. Por “report” (as a verb) nos referimos a presentar informes, comunicar información empresarial(contable y financiera)relevante y fiable para la toma de decisiones en la empresa (decision-making). Esta es la información que transmitimos al jefe del departamento al empresario, a los socios o a los accionistas.

And We PREPARE three basic reports
1. BALANCE SHEET (balance general)
2. THE PROFIT AND LOSS STATEMENT
3. THE CASH FLOW STATEMENT

We MUST TO justify data and MUST TO report about the method of depreciation of assets.

We INTERPRET information. About liquidity, debts, assets and profitability using KEY RATIOS and KPI’s

to be continued …

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