In this article
Banana Accounting is used as Excel. Teachers, who are already very familiar with this tool and also use it in training, are soon able to introduce Banana Accounting in teaching.
The steps listed here give an idea of how to get started:
- Download and install Banana Accounting on your computer.
- Via the command File → New, create a new double-entry accounting file, choosing the template in the most appropriate language and country.
If no template for your country is found, we recommend choosing an universal one, set according to the IFRS scheme.
- Company information, currency and accounting period are set in the File → File and accounting properties menu.
- Adapt the Chart of Accounts.
- Accounts of the balance sheet and the income statement are set in the Accounts table. The grouping and totaling system is extremely flexible and adaptable to any requirements, but it takes some time to become familiar with the logic and how to best use it.
- Opening account balances are entered in the Accounts table, in the Opening column.
- Enter the accounting records
Transactions with accounts are entered in the debit and credit columns of the Transactions table.
- Enter the financial forecasts.
To calculate the financial forecasts for the current and subsequent year the movements that are to be used by the program are inserted in the Budget table.
- Updated balance sheet and income statement.
- In the Accounts table, the program displays the account balances and also the totals of the Balance and Income Statement groups.
- You have an instant view of the accounting situation at a glance.
- There is also the financial forecast for the current year in the Budget column.
- All presentations are easily accessible. The different reports available are adapted to display the past, present and future situation.
- Account cards
Via the Account1 → Account cards... menu, all the details of the transactions by account or group are displayed.
- Enhanced balance sheet and income statement (in reduced form).
From the Account1 → Enhanced balance sheet... menu, the balance sheet and profit and loss account are displayed in simple form, with the list of assets, liabilities, costs and revenues.
- Balance sheet and income statement with groups
From the Account1 menu → Balance sheet with groups..., the Balance sheet and Income statement arranged with all the groups and subgroups are displayed.
- Account cards
- Check Accounting
Via the Account1 menu → Check accounting... , the program checks and recalculates all the data entered, reports if there are any errors or pending problems both in both the Chart of Accounts and in the Transactions.
Prepare accounting templates for teaching
The teacher must create accounting templates and set them according to the objectives to be achieved, whether you want to explain the functioning of the program, or to get students to exercise .
The template is nothing more than a Banana Accounting file, that the teacher makes available to students, so that they can insert the recordings or any other items.
The Chart of Accounts and the grouping scheme for a company must be set up so that all the necessary accounts and groups are present. Therefore, the Chart of Accounts can be quite extensive. In teaching, especially on a basic levels, it is generally more appropriate to have only the accounts necessary to carry out the exercise. It is therefore useful to work with different templates depending on the level of teaching.
Country-specific Plan of Accounts
There are countries that require the use of a standardized Chart of Accounts and it is useful to adopt this prescribed numbering and presentation in teaching.
These Chart of Accounts are generally structured for companies of a certain size and are very large and structured with different levels of classification.
Banana Accounting allows you to set up any kind of accounting plan, but obviously this activity requires some time and knowledge of the grouping system. It is worth taking a cue from existing national models, closer to reality.
Individual nations may also request printouts of balance sheets, income statements and capital flows accounts requiring a specific layout for the presentation. If the printouts present in Banana Accounting do not meet these requirements, it is possible to program Extensions that print or export the data as required.
Our support is available for these developments. If you contact us please indicate that you are a teacher in order to be addressed to the people who deal with this sector.
Improvement of our documentation
We aim to make a documentation available, that is suited to the needs of teachers. Any feedback, requirements and desired improvements are welcome.