I have an example of small bank reconciliation process example. In this example first I will show the cash in bank ledger having its opening and closing balance for the month of july 2005 of Salman & sons. Second I will show the bank statement (that represent the customer ledger in bank) of the month of july 2005.
Salman & Sons
Bank Book, july 2005
|1||3||Dawood & Co||2500|
|2||5||Bill Receivable Discount||11900|
|4||10||Rizwan & Co||400|
|5||16||Saleem & Co||1500|
|6||20||Crown & Co||1800|
|8||24||Rafiq & Sons||4000|
|12||31||Naseem & Co||3000|
Table 1 (Entries Without Reconcile with Bank Statement) Read more…
Below are the Account Balances of 30 June 2010.
|Profit and Loss||154000|
Note: We want to forward the balance of above account to 01 July 2011 and close the fiscal year 2010 in OpenERP.
Step 1: Install account module in OpenERP.
Step 2: Step 2: Create above accounts in OpenERP from Financial Management → Configuration → Financial Accounting → Financial Accounts → List of Accounts. Like Below. Read more…
Manual Calculation of Profit and Loss:
Balances of Income Account and Expense Accounts
|Cost of Goods Sold||537000|
|Wages and Salaries||133500|
|Vehicles Running Cost||25500|
Step 1: For example sales credit side balance is 98700. Enter a JV, set the debit side of sales to 98700 that sales balance becomes to 0,also forward the credit side effect to Profit and loss account. Read more…