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Double-Entry Accounting for a Corporation with VAT/Sales tax
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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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 |