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Double-Entry Accounting for a Corporation with VAT/Sales tax
Universal
Double-Entry Accounting with vat/sales tax
Business
Start easily and FOR FREE the double-entry accounting, with VAT management, of your Corporation and get immediately the Income Statement and the Balance Sheet. This ready-to-use generic template can be adapted according to your needs, to also manage the accounting of your company, sole proprietorship, partnership or small or medium business. Banana Accounting Plus is a professional software that is very intuitive and fast to use because it's similar to Excel. If you make mistakes you can always correct until everything is perfect.
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Open template in WebApp Open tutorial in WebAppModelvoorbeeld
Company XX
| Group | Account | Description | Sum In |
|---|---|---|---|
| BALANCE SHEET | |||
| ASSETS | |||
| Bank Accounts | |||
| Business checking | Business checking account | Bank | |
| Business savings | Business savings account | Bank | |
| Payroll checking | Payroll checking | Bank | |
| Cash | Petty Cash - Out of Pocket expenses | Bank | |
| Barter | Barter checking | Bank | |
| Bank | Total Bank Accounts | Assets | |
| Accounts receivable | |||
| Customers | Accounts receivable (Customers' register) | Receivable | |
| Receivable | Total Accounts Receivable | Assets | |
| Current Assets | |||
| Inventory | Inventory | C-Assets | |
| Undeposited Funds | Undeposited Funds | C-Assets | |
| C-Assets | Total Current Assets | Assets | |
| Fixed Assets | |||
| Equipment | Equipment | Fixed | |
| Furniture | Furniture and Fixtures | Fixed | |
| Vehicles | Vehicles | Fixed | |
| Acc-Depreciation | Accumulated Depreciation | Fixed | |
| Fixed | Total Fixed Assets | Assets | |
| Other Assets | |||
| Start up | Start up costs (accountants use) | Other | |
| Acc-Amortization | Accumulated Amortization | Other | |
| Notes Receivable 1 | Notes Receivable 1 (officer, owner, related party) | Other | |
| Notes Receivable 2 | Notes Receivable 2 | Other | |
| Other | Total Other Assets | Assets | |
| Assets | TOTAL ASSETS | 00 | |
| LIABILITIES | |||
| Accounts payable | |||
| Suppliers | Suppliers' register | Payable | |
| Payable | Total Accounts Payable | Liabilities | |
| Credit Cards used to purchase | |||
| American | American Express - Credit card loan | Cards | |
| Visa | Visa - Credit card loan | Cards | |
| Cards | Total Credit Cards | Liabilities | |
| Current Liabilities | |||
| Accrued | Accrued Expenses | C-Liabilities | |
| Payroll tax payable | Payroll Tax Payable | C-Liabilities | |
| Sales tax payable | Sales Tax Payable | C-Liabilities | |
| Deposits | Deposits from Customers | C-Liabilities | |
| Portion long term | Current portion of long term liabilities | C-Liabilities | |
| VAT due | VAT due | C-Liabilities | |
| VAT | Automatically calculated VAT | C-Liabilities | |
| C-Liabilities | Total Current Liabilities | Liabilities | |
| Long Term Liabilities | |||
| Loan | Bank loan | Long term | |
| Notes payable 1 | Notes payable1 | Long term | |
| Notes payable 2 | Notes payable2 | Long term | |
| Long term | Total Long Term Liabilities | Liabilities | |
| Liabilities | TOTAL LIABILITIES | 00 | |
| EQUITY | |||
| Capital | Capital stock / Capital partner | Equity | |
| Additional capital | Additional Capital Contributed / Additional Paid in Capital | Equity | |
| Retained earnings | Retained earnings | Equity | |
| Opening equity | Opening balance equity | Equity | |
| Shareholder 1 | Distributions shareholder 1 / Dividends / Draws | Equity | |
| Brought forward | Profit or Loss brought forward | Equity | |
| Profit or Loss | Profit or Loss of the current year | Equity | |
| Equity | TOTAL EQUITY | 00 | |
| PROFIT/LOSS STATEMENT | |||
| INCOME | |||
| Services | Income from services | Income | |
| Products sold | Income from parts / products sold | Income | |
| Sales write offs | Sales write offs | Income | |
| Income | TOTAL INCOME | Gross Profit | |
| COST OF GOODS SOLD | |||
| Materials | Materials, Direct product/service costs | Cost Goods | |
| Labor | Labor costs | Cost Goods | |
| Outside services | Outside services / Subcontractors | Cost Goods | |
| Supplies | Supplies costs | Cost Goods | |
| Small tools | Small tools | Cost Goods | |
| Cost Goods | TOTAL COST OF GOODS SOLD | Gross Profit | |
| Gross Profit | GROSS PROFIT | Ordinary | |
| EXPENSES | |||
| Advertising | Advertising, promotion, marketing costs | Expenses | |
| Automobile | Automobile expenses | Expenses | |
| Bank charges | Bank service charges | Expenses | |
| Cleaning | Cleaning | Expenses | |
| Contributions | Contributions | Expenses | |
| Depreciation | Depreciation expense | Expenses | |
| Discounts | Discounts taken | Expenses | |
| Subscriptions | Dues and subscriptions | Expenses | |
| Insurance | Auto Insurance, Life, Medical | Expenses | |
| Interest expense | Interest expense | Expenses | |
| Licenses | Business licenses and permits | Expenses | |
| Maintenance | Maintenance and repairs | Expenses | |
| Meals | Meals and entertainment | Expenses | |
| Merchant fees | Merchant credit card fees | Expenses | |
| Office | Office expenses (computer, postage, delivery, supplies) | Expenses | |
| Payroll taxes | Payroll taxes | Expenses | |
| Professional fees | Professional fees | Expenses | |
| Rent | Rental Payments | Expenses | |
| Salaries | Salaries | Expenses | |
| Telephone | Telephone, Fax | Expenses | |
| Travel | Travel | Expenses | |
| Utilities | Utilities | Expenses | |
| Expenses | TOTAL EXPENSES | Ordinary | |
| Ordinary | NET ORDINARY INCOME | Result | |
| OTHER INCOME | |||
| Interest income | Interest income | O-Income | |
| O-Income | TOTAL OTHER INCOME | Result | |
| OTHER EXPENSE | |||
| Ask accountant | Ask accountant | O-Expense | |
| O-Expense | TOTAL OTHER EXPENSE | Result | |
| Result | NET INCOME ( Profit(-) Loss(+) ) | Profit or Loss | |
| 00 | Difference should be = 0 (blank cell) | ||
| CUSTOMERS/SUPPLIERS REGISTER | |||
| Customers | |||
| Cus-Redford | Redford Inc | TOTC | |
| Cus-Smith | John Smith | TOTC | |
| Cus-Black | Simon Black | TOTC | |
| TOTC | Total Customers | Customers | |
| Suppliers | |||
| Sup-Johnson | Johnson Inc | TOTS | |
| Sup-Marble | Marble Inc | TOTS | |
| Sup-Taylor | Mary Taylor | TOTS | |
| TOTS | Total Suppliers | Suppliers | |
| COST CENTERS | |||
| Products | |||
| .Product A | Product A | Products | |
| .Product B | Product B | Products | |
| .Product C | Product C | Products | |
| Products | Total Products | ||
| Projects | |||
| ;Project A | Project A | Projects | |
| ;Project B | Project B | Projects | |
| Projects | Total Projects | ||
| SEGMENTS | |||
| Branches | |||
| :BA | Branch A | Branches | |
| :BB | Branch B | Branches | |
| Branches | Total Branches | ||
| VAT Code | Description | %VAT |
|---|---|---|
| VAT due | ||
| S0 | VAT exempt sales | |
| SE | Foreign sales exempt | |
| S5 | Sales at 5% | 5.00 |
| S10 | Sales at 10% | 10.00 |
| SD5 | Discount on sales at 5% | 5.00 |
| SD10 | Discount on sales at 10% | 10.00 |
| Recoverable VAT | ||
| P5 | Purchase goods at 5% | 5.00 |
| P10 | Purchase goods at 10% | 10.00 |
| PD5 | Discount on purchases at 5% | 5.00 |
| PD10 | Discount on purchases at 10% | 10.00 |
| I5 | Purchases for investment or use 5% | 5.00 |
| I10 | Purchases for investment or use 10% | 10.00 |
| ID5 | Discount on purchases for investment or use 5% | 5.00 |
| ID10 | Discount on purchases for investment or use 10% | 10.00 |
| TOTAL |