Simple Accounting Worksheet For Midwives Page 4
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21Instructions: Simple Accounting Worksheet
Step 1 – The Transaction
A transaction is an activity that takes place in your business.
For example, on July 1 Maria purchased a tricycle for P270,000.
She paid for
this with cash. This was one transaction. On July 3, she purchased a bed for the
clinic, which she paid for partly by cash and partly through a short-term loan.
This is another transaction.
These transactions, as well as any other happening in your business need to be
recorded. Since it is likely that there will be many of them, there needs to be an
orderly way to do this.
Step 2 – The Simple Accounting Worksheet
Accountants keep a complex system of financial records for big businesses.
However, numerous smaller ones often either do not have access or can hardly
afford such professional services. Hence, we propose a simple but efficient
format that will help you keep your records in order and to never lose track of
what is happening in your business.
The financial position of your business is reflected in the financial statements –
the Balance Sheet and the Income Statement. These statements are prepared
using information about your transactions. The Simple Accounting Worksheet for
Midwives is organized in a way that will correspond to the lines (called accounts)
in these statements.
When writing your financial records, it may be helpful to use colored pencils
or pens to keep track – blue for positive numbers, or cash inflows, and red
for negative numbers or cash outflows, for example. Or put negative
numbers (cash outflows) in parenthesis.
How to Use the Midwives’ Simple Accounting Worksheet
The worksheet has two major sections – one contains lines (or accounts) from
the Income Statement and the other from the Balance Sheet.
Records in the Worksheet should be entered daily. Each transaction entered
into the worksheet should be documented – either by a receipt, an invoice or
other document that confirms the transaction.
For Every Transaction:
1.
First column: record the date when the transaction occurs.
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