Simple Accounting Worksheet For Midwives Page 5
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21Instructions: Simple Accounting Worksheet
2.
Second column: record the amount of the cash involved in the transaction.
When you receive money - cash in – record the amount received. When
you have an expense – cash out – record the amount paid.
3.
Third column: record the amount of the transaction if it is an income
statement account (income or expense). The amount of the transaction
must be recorded in the appropriate account column.
4.
Fourth column: record the amount of the transaction if it is a balance sheet
account (asset, liability, equity). The amount of the transaction must be
recorded in the appropriate account column.
5.
We need to carefully analyze how to correctly reflect any transaction in the
Worksheet so this information gets into financial statements and fully
describes changes. Depending on the transaction it could be recorded as
an income statement account and a balance sheet account. For example:
• We paid P500
In order to
• Receive P500 worth of bandages
Two things happened – our cash decreased by P500 BUT ALSO our supplies
increased by a box of bandages.
Changes happened to two lines (or accounts) – cash out (less P500) and
supplies (plus P500).
In business, money is paid in order to achieve some result – very much like a
cause and effect relationship. We pay to obtain materials, equipment, and
electricity, to meet obligations necessary to conduct our business. Likewise, we
are paid for the provision of some services or goods: for example, a woman paid
us delivery fee of P4,500 – we performed P4,500 worth of work (deliveries fees
account) which brought us P4,500 in actual money (cash in).
Using the Simple Accounting Worksheet we can easily record all the transactions
happening in our business.
Step 3 – Create Financial Statements
You can use the information on your Simple Accounting Worksheet to create an
Income Statement, Balance Sheet, and Cash Flow Statement, depending on
your needs.
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