Bookkeeping For Dummies, UK Edition

Manage the books and your sanity with Britain’s leading guide! Complete and accurate bookkeeping is vital for any business. This guide shows you how to keep the books without becoming overwhelmed by the numbers. Fully updated for the newest accounting practices and software, it walks you through bookkeeping basics, day-to-day operations, year-end reporting, payroll preparation and everything you need to tackle the job with confidence. Account for everything – understand basic accounting methods, work with ledgers, explore the Chart of Accounts and choose your business type From day to day – handle everyday activities such as entering invoices, collecting on cash sales, making and tracking purchases and banking Wrap it up – prepare for month-end or year-end by adjusting books, depreciating your assets and handling VAT correctly Present results – produce a profit and loss statement, develop a balance sheet and prepare year-end accounts Pay your staff – learn to operate an RTI payroll system, collect employee taxes, prepare and post payroll and settle up with HM Revenue & Customs Move to the cloud – explore the benefits and possible risks of moving your bookkeeping functions to the cloud Open the book and find: Bookkeeping lingo translations Opportunities to test your knowledge Tips on managing your workload Practical ways to reconcile your bank account Information about depreciation How to make business decisions using Profit and Loss statements Reporting processes for not-for-profits Your most important accounts