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Fastbase Accounting System - Online Manual

Accounting Concepts

Document 104711/1

Entered Fri, 10 Dec 2004 14:20 by Peter Campbell
Updated Thu, 13 Sep 2007 12:26

The following table shows the main transaction types in FastBase and the double-sided effect each one has (Debits/Credits).

Account Types Debit (DR) Credit (CR) NOTES
Assets (Assets) Increase (Assets) Decrease Accounts Receivable +Bank/Cash+Stocks
Liabilities Decreases Increases Accounts Payable
Income Decreases Increases Sales
Expenses Increases Decreases Cost of Sales, Freight, Wages, etc

Transactions Debit (DR) Credit (CR) NOTES


Supplier Invoice GL ACCOUNTS SUPPLIER Company being invoiced, Accounts Payable to Supplier
Supplier Credit SUPPLIER GL ACCOUNTS purchase returned, Accounts Receivable from Supplier or reversing the accounts payable above.
New Goods Receipt STOCK GL NIL one sided only
New Goods Credit NIL STOCK GL one sided only
Supplier Payment SUPPLIER BANK/Cash(GL) paying out cash, Asset decreased


Customer Invoice COST OF SALES STOCK sales incurred, so as cost of sales

CUSTOMER SALES Accounts Receivable from Customer
Customer Credit STOCK CUSTOMER Stock returned
Customer Receipt BANK (GL) CUSTOMER receipt customer payment
Customer Journal GL ACCOUNT CUSTOMER usually, can be other way around, says on screen when entering journal


General Ledger Journal GL ACCOUNTS GL ACCOUNTS
General Ledger - Cash Payment GL ACCOUNTS BANK
General Ledger - Cash Receipt BANK GL ACCOUNTS

General Ledger - Statement Journal GL ACCOUNTS BANK usually, can be other way around, says on screen when entering


Stock Adjustment STOCK GL ACCOUNT unless negative quantities
Stock Transfer (aka Stock Transfer) STOCK STOCK Dr "To" Branch,Cr "From" branch
Transactions - Part Assembly (aka Kit Assembly) STOCK STOCK Dr "New Part", Cr "Assembly Parts"

Period End and GL Posting GL(Cr) GL(Dr) Reverse above Entries to Journal Books in order to clear the Entries, also for Reporting Purposes.

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