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Bookkeeping 1
Bookkeeping 1
BOOKKEEPING SYSTEM
1. Using the established Chart of Accounts and prescribed books of accounts, the Bookkeeper
shall record all the business transactions.
2. Monthly preparation of financial statements shall be done not later than 10 days after the end
of each month.
3. An Aging Schedule of Accounts Receivable and Accounts Payable shall also be prepared.
4. The system of accounting that shall be consistently practiced is the accrual basis.
5. Inventories shall be recorded using the “periodic system” thus monthly inventory is
necessary for the preparation of monthly financial statements.
6. Bookkeeping system shall be presented simply since most transactions are on sales and
payments. Therefore, the following modified books shall be maintained:
7. Recording to the Sales and Cash Receipts Journal, Cash Disbursement Journal and General
Journal shall be based on the Cash Receipts Voucher, Check Voucher and Journal Voucher
respectively.
8. Accounting files/records are to be kept for a minimum period of three (3) years.
1. Based on original copies of source documents, the Bookkeeper records all business
transactions in its appropriate journal. The source documents referred to are as follows:
Cash Receipts Voucher - Weekly Sales and Collection Report (with attached Cash Sales,
Official Receipts and Deposit Slip/s).
Check Vouchers - (Purchase Order/s, Job Order/s, Payroll, and Petty Cash Fund
replenishment Summary, Supplier’s Official Receipts or equivalent).
Journal vouchers – with detailed description as to the nature of the transaction in the
voucher or as attached.
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2. The Bookkeeper then posts the data to its appropriate Subsidiary Ledgers after recording the
transaction to its respective journal,
3. From the balances in the Subsidiary Ledger, the Bookkeeper prepares an Aging Schedule of
Accounts Receivable and Accounts Payable that helps in analyzing which payments are
behind their due date, and by how many days.
4. Prepare Trial Balance, Income Statement, Balance Sheet, Statement of Cash Flow monthly
and Bank Reconciliation Statement monthly based on the balances in the Journal.
Cash
Receipt Check Journal
Voucher Voucher Voucher
File File
File File
File
Bank
Reconciliation
Statement of
Statement
Cash Flow
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I. JOB IDENTIFICATION
The bookkeeper prepares Check Voucher (CV), Cash Receipts Voucher (CRV),
Journal Voucher (JV). He maintains records of financial transactions by establishing
accounts; posting transactions. The creation of financial transactions includes posting
information to accounting journals or accounting software from such source documents as
invoices to customers, cash receipts, and supplier invoices. The bookkeeper also
reconciles accounts to ensure their accuracy.
1. Prepares Cash Receipts Vouchers (CRV) based on valid and authentic support
documents.
2. Prepares Check Vouchers (CV) based on valid and authentic support documents.
The support documents referred to are as follows (original copies):
7. Prepares the monthly Trial Balance, Income Statement, Balance Sheet, Statement
of Cash Flow, Bank Reconciliation Statement, Schedule of Depreciation, Aging
Schedule of Accounts Receivables and Schedule of Accounts Payable.
TOTAL
TOTAL
TOTAL
The General Journal shall be used to record all transactions that cannot be
accommodated in the Sales and Disbursements Journals, such as depreciation,
adjusting entries, and others. The basis of recording in this journal shall be the
Journal Voucher. Monthly balances shall be considered final and the amount is
reflected in the financial statements. (Suggested using 8-column journal)
The Cash Receipts Voucher (CRV) shall cover cash receipts. All documents
supporting the sales and cash receipts (i.e., Weekly Sales Report, CS, OR) shall be
attached in this document.
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The Check Voucher (CV) shall cover all payments made by checks. All
documents supporting the payment shall be attached in this document.
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JOURNAL VOUCHER
Date:_____________________ JV Number: (pre-numbered)
For : ______________________________________________________________
The Journal Voucher (JV) shall cover all accruals, account adjustments or other
transactions not covered by CRV or CV.