Single Or Double Entry Bookkeeping That Is The Question

By Terry Cartwright

The difference between bookkeeping services and accounting may be unclear to the uninitiated while both are of vital importance to financial success. Bookkeeping is an important part of the accounting function and is essentially the record keeping of the financial transactions. Accounting is while incorporating the record keeping also includes the presentation, interpretation and financial control functions including interpretation of the numbers for the financial health of a business of which taxation can play a major part.

Bookkeeping stems from the recording of financial transactions and the accounting term for a business accounts as books. In effect the accounting function prepares a record of the monetary affairs of a business and stores the information in files called books. Hence the term bookkeeping often misspelled as book keeping which is the function of a librarian not that of a bookkeeper.

The financial affairs of a business involve many aspects and start with the recording of what is termed the prime documents. The task of a bookkeeping service which some businesses outsource is to record the prime documents, those prime documents being the sales, purchases and cash/bank transactions. All small businesses do bookkeeping and the most successful use the bookkeeping records as a basis for an accounting function to generate a more efficient financial service.

All business involves buying or selling something and the consequent function of receiving or paying money to the value of those transactions. Recording these transactions in larger business organisations is done by accounts clerks who work under the supervision of the accountant.

Invariably medium and larger businesses use a double entry system for recording transactions. Double entry accounting evolves from the fact that every transaction as a double effect on the business of which these are prime examples.

[youtube]http://www.youtube.com/watch?v=qLOfsac99Wc[/youtube]

A sale is made. That creates a record of income for the business which is taxed on that income the other side of the financial transaction, the double entry, is the fact that the organisation who was sold the goods now owes the value of that sales invoice to the business. That is the double entry, record the sales income and also record the debt due from the customer who is now called a debtor.

Someone who owes the business a debt is called a debtor.

A purchase is made. That creates a record of expense for the business which can be deducted from income and lowers taxes and the other side of the financial transaction, the double entry, is the fact that the organisation who supplied the purchase on credit is now owed the money. That is the double entry, record the sales income and also record the credit due to the supplier who is now called the creditor.

Someone who has supplied goods on credit is called a creditor.

The third type of prime transaction is the transfer of money between the debtors and creditors and the business.

When a debtor pays his sales invoice the double entry is to add that amount of money to the business financial records and the opposite double entry goes to the debtor account to reduce the amount owed to the business since it has now received the cash.

When a creditor is paid the amount owed the money is recorded as reducing the cash resources of the business by for example deducting the money from the bank balance and the double entry reduces the amount the business now owes to the creditor account since it has reduced the credit received.

The bookkeeping function is to record these prime transactions. Since every financial transaction has an equal and opposite entry in the books there has to be a mathematical check that both sides of the transactions add up to zero. This check process is called a trial balance where both sides of the entries should be in agreement and normally the point at which the bookkeeping service is deemed to be complete.

Double entry bookkeeping is required for all businesses that require to produce a statement of its assets and liabilities. This statement of assets and liabilities is the total of all the balances from the trial balance and is called a balance sheet.

Many small businesses do not require a balance sheet. In the UK the production of a balance sheet is optional for every self employed business as it is not an obligatory requirement of the self assessment tax return form. A self employed bookkeeping system is not required to produce a balance sheet because the business effectively belongs to the owner and is that owners personal business.

Limited companies must produce a balance sheet under various financial acts and submit the balance sheet to both Companies House and the tax authority each year. The different rules applying to a limited company is because the accounts including the balance sheet are public records available to the members of that company and not necessarily the property of a single individual or partnership.

The self employed bookkeeping system can be simpler being produced from a single entry style of bookkeeping rather than double entry. Single entry bookkeeping makes a single entry for each financial transaction which is sufficient to produce an income and expenditure account, a profit and loss account, but does not make the reciprocal entry that establishes the value of the assets and liabilities.

Single entry can be as simple as making a list of the sales income and the purchase expenses. Such a bookkeeping system is valuable to the smaller business as it requires little or no bookkeeping or accounting knowledge. A smaller business can produce its own accounts without the need for a bookkeeper or accountant particularly if it has access to bookkeeping templates through bookkeeping software to produce the accounts in the accounting format required.

About the Author: Terry Cartwright designs Payroll and Accounting Software

diyaccounting.co.uk

with UK payroll software for 1 to 20 employees at

diyaccounting.co.uk/payroll.htm

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Jawbone found in Aruba is not Natalee Holloway’s

Thursday, November 25, 2010

A jawbone found in Aruba is not that of missing American Natalee Holloway, who was a recent high school-graduate at the time of her disappearance. Officials confirmed the news after Dutch scientists completed tests on the bone. The jawbone, which also had a wisdom tooth with it, was found by an American tourist close to the Phoenix Hotel. A second bone had also been found by another tourist earlier this month.

The bone was sent to the Netherlands Forensic Institute where scientists completed tests. They compared the bone to dental records given to them by Natalee’s father, from which they confirmed the the bone was not that of Natalee, although it was human. It was said to be unlikely that the bone was Holloway’s as there is no physical evidence that she was murdered.

Beth accepts the forensic conclusions, is emotionally exhausted from the inexplicably long wait, and deeply disappointed in the time and manner in which she learned of the results.

Taco Stein, the Aruban Solicitor General, released a statement after the announcement was made. He commented on the speed of the identification; he said that they had quickly ruled out Holloway because her records had shown that she had her wisdom teeth previously removed.

Tim Miller, the Director of the Texas EquuSearch, released a statement after talking to Natalee’s father. He said “Dave [Natalee’s father] has been in contact with Aruban authorities and spoke with FBI this morning, the agent working the case. Dave believes it is Natalee.”

An attorney for Natalee’s mother, Beth Twitty, released a statement saying “Beth accepts the forensic conclusions, is emotionally exhausted from the inexplicably long wait, and deeply disappointed in the time and manner in which she learned of the results.” He commented on the Aruban authorities saying that “Apparently Aruban prosecutors were more sensitive to media concerns than the painful vigil of a mother.”

Natalee Holloway disappeared on the island in 2005 while on a school trip. She was last seen leaving a nightclub with three men, one of which was later identified as Joran van der Sloot. Van der Sloot was detained twice by police but has never been charged with Holloway’s disappearance. He is currently in Peru facing a different murder charge. Aruban authorities have said that they are checking neighboring islands to find a match for other missing persons.

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2010 Komen St. Louis Race for the Cure becomes world’s largest Komen race

Saturday, June 12, 2010

The 2010 Susan G. Komen St. Louis Race for the Cure, held earlier today in St. Louis, Missouri, became the world’s largest Race for the Cure, with over 71,000 participants.

2010 marks the twelfth year for the race in St. Louis, which raises money for breast cancer research nationwide. Originally brought to the city in 1999, it has raised over US$19 million. It was sponsored by Wells Fargo Advisors, a locally-headquartered brokerage firm of the financial services provider Wells Fargo. Nationally, the Race for the Cure is hosted by Susan G. Komen for the Cure, a non-profit organization supporting breast cancer research.

In 1999, there were only about 10,000 participants in the St. Louis Race for the Cure. In recent years, the number has grown to over 60,000, and today’s 5K race saw over 71,000 runners, walkers, and wheelchair racers. Despite the heat and humidity, 1,090 teams signed up, and over 4,500 breast cancer survivors participated. Overall, the race raised more than US$3.3 million. A phone bank set up by Wells Fargo and local television station KSDK contributed over US$28,000 of that amount in four hours.

Prior to the race, there was a parade of all the breast cancer survivors who had signed up for the race. The actual competition began at 8:30 a.m. CDT (1330 UTC) with the wheelchair race. Following them were the timed runners, the untimed runners, the walkers, and lastly, the “fun walk” participants, who had only opted to walk one mile (1.6 kilometres).

The Komen St. Louis Race for the Cure is only one of many Races for the Cure, which is the largest group of 5K runs and walks in the world. The first Komen race was held in 1983 in Dallas, Texas, but has since spread to over 140 cities throughout the world. Proceeds from today’s St. Louis race will benefit both local institutions and the rest of the United States. At least 25 percent of the money raised will go toward funding national research on breast cancer, while the rest will be given to organizations in St. Louis for breast cancer awareness programs.

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Maximizing The Dimension And Measurements Of Your Own Breasts With Massage

Maximizing the dimension and measurements of your own breasts with massage

by

Bruce Benes

With the amount of women becoming ever more and more serious about improving their bust line naturally, the method of home massage is in fact the best popular alternative for girls these days.. Massage not only augments the proportions as well as shape of your bosom, this also really encourages perkier, firmer feeling busts..The assemble of the bosoms comprises in a couple of components, surface area body fat which is usually just under the skin area, as well as tissue mass muscle. With the busts being made-up in such an uncomplicated manner, the responsiveness of those two areas is a pretty simple method of expanding the dimensions of the bust line..With the stimulation of the bosom, through the use of massage treatment you will also be enhancing the overall health of the bosom tissue.. Any time you stimulate the breast you release the pollutants which congregate in the lymphatic structure which happens to be an important part of your body\’s circulation.The ordinary girl will probably keep wearing their bra for as much as 16 hours a day, which unquestionably creates a restriction of the blood flow and consequently proliferates the toxic compounds in the bosom.. When you massage the breast the blood vessels commences to circulate, which emits to formation of hazardous elements in the skin layers as well as bust.With the aid of lubricants such as ointments and lotions to allow for easy massaging of the skin, this tends to enable you to take pleasure in an enjoyable therapeutic massage. Along with the usage of decent exercises, in a short period the look of your breasts will improve and seriously feel more substantial. line.Several countries around the world supports the application of therapeutic massage as a form of dealing with possible on sets of breast cancers, and also enthusiastically encourages the utilization of massage for these reasons..With lots of methods and approaches for helpful massages for the breast, you\’re in short supply of alternatives. But still, here are a couple strategies to use.. Use massage lotion on to the skin for lubrication. The most popular skin oils which are recommended are geranium oil and ylang ylang. Start on the outerside of the bust, and in a circular movement progress into the middle. You should be aiming for around 250 circles for each individual breast. This home massage technique would motivate the blood to flow and get rid of any kind of toxins.This massage system is strongly suggested for use on a regular basis. Normally using this type of massage technique after a shower or bath is most effective. Mainly because after bathing, the lymphatic circulation of the body system is stimulated and will usually respond far more favorably to massaging..When used alongside natural breast enhancement serum just like Triactol, you can expect to notice results within just a few weeks. Should you care to discover more pay a visit to Triactol reviews online more specifics of these products.

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If you wish to discover more check out

Triactol reviews online

for even further specifics of these products.

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Alleged tax-haven scheme linked to Canada’s largest brokerage firm

Wednesday, December 16, 2009

In a continuing crackdown on tax evasion, the Canada Revenue Agency (CRA) has alleged that brokers with a branch of RBC Dominion Securities, Canada’s largest brokerage company, helped clients set up accounts in the small European principality of Liechtenstein in order to avoid taxation on their wealth.

In affadavits submitted by the CRA, brokers with an RBC Dominion Securities office in Victoria, British Columbia, allegedly helped clients set up 16 offshore entities with a division of the LGT Group in Liechtenstein. While that is not a crime under Canadian law, auditors allege that the entities were used to help Canadians hide worldwide income. Thirteen individuals are either being audited or have made voluntary disclosures, admitting to tax evasion. The agency is presently investigating to see if there are any other individuals participating in this scheme. Regarding the inquiry, dubbed “Project Jade”, the CRA will only say that it was launched on information from a “confidential informant”.

RBC issued a written statement, saying “As a firm, we have never encouraged Canadians — not 25 years ago and not today — to set up entities in Liechtenstein, and we have never instructed our investment advisers to recommend that practice,” and “we comply with all CRA requirements. This means that we provide all our clients with the forms they need to meet their personal tax obligations, and also file reports with CRA that form the basis for reviews such as this.”

Three RBC employees are presently being investigated, with one remaining unidentified.

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Mexico gunmen kill twelve police

Wednesday, March 21, 2012

Twelve police officers were killed as the result of an ambush by gunmen in Guerrero, a state in the south of Mexico, authorities confirmed yesterday. The police officers were examining the area to find the bodies of ten individuals, whose separated heads have previously been discovered, at the time of the attack.

According to Arturo Martinez, speaking on behalf of the state police force of Guerrero, six of the policemen killed in the attack were local, while the other six were working for the state. In the attack, which occurred in the city of Teloloapan Sunday, an additional nine police experienced injuries for which they were hospitalised, BBC News Online reported. Eleven officers involved in the incident experienced wounds, according to The Associated Press.

Martinez explained that the officers, who were occupying six police vehicles between them, were searching for the bodies of three females and seven males after their separated heads were abandoned and discovered at a slaughterhouse in Teloloapan. Amongst the severed heads, threats directed at La Familia Michoacana, a drug-related business located in neighbouring state Michoacán, were discovered.

Guerrero is a state known for containing plantations of opium poppies and cannabis, as well as violence related to drug cartels. In excess of 47,000 deaths have been recorded across the whole of Mexico since current President Felipe Calderón commenced the Drug ‘War’ in December 2006.

Pope Benedict XVI has a visit to the country scheduled for Friday. According to BBC News Online, comment about violence relating to drug businesses in Mexico is anticipated from him.

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Wikinews interviews Corrado Giustozzi, security consultant and author

Monday, March 17, 2008

Wiki@Home

This interview was carried out in Italian as part of Wiki@Home. It was originally added to the Italian Wikinews as Corrado Giustozzi, il Nightgaunt: sicurezza, privacy ed intelligiochi and the interview has now been translated into English.

This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation.

Corrado Giustozzi, who has written many books, in addition to being an Information security consultant for many Italian law enforcement agencies, was recently interviewed for Wikinews in Italian, as part of Wiki@Home. A translation of an abridged version of the interview can be found below.

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Customized Baseball T Shirts For Something Cool

Submitted by: Maggie Johnson

Customized baseball T-shirts are very common among baseball players and fans alike who you want to have something cool to wear when the dog days of summer come around. Using a little cooler shirt is something anybody would want when sitting out in that hot sun of the outfield waiting for someone to hit you the ball, or anybody for that fact, such as sitting in the stands with no cover from the sun light. A light weight t-shirt might be the only thing next to not wearing a shirt at all that can help save you from the heat.

If you are deciding to have customized baseball T-shirts created for you or for a team of people you will first want to go out and do some research on companies that offer this type of service. It s not the easiest process in the world and getting screwed is never fun. First, usually word of mouth is the best way of finding out if a company is any good at what they do. Also finding out how long the company that you are planning on giving your business to has been in business.

[youtube]http://www.youtube.com/watch?v=b5AWQ5aBjgE[/youtube]

Also when deciding what company you should go with you should make a point on getting a company with a long standing work history but also is close enough to your residence that you can get to the shop with a short drive. This will cut down on mistakes that may happen. If you re ordering in bulk such as for a whole team you can tell whoever takes your order that you would like to come in and see the first shirt that comes off the press before they continue to make any more. It s not fun to get excited when you re customized baseball T-shirts show up in the mail on time for the season to start and they wind up all wrong. That is why being close to the shop that will be taking your business is good because you can check in frequently.

Having your own customized baseball T-shirts made can be very useful for a baseball or softball teams to have. This will help each player whom wants to still wear their team number and logo to support the team and there selves on and off the field. This way you won t have to wear your jersey or the top half of the uniform and people will still know what you play and who you play for. It would also be useful for practicing, where ones number or mane may make it easier to identify that person from across the field.

What can also be fun about customized baseball T-shirts is the creativity you can put into to it. You may be limited to what you are able to wear on the field in the actually game, but off the field or in practice you can put names on the back of the shirt such as nick names that maybe your team members may know you better by.

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Cleveland, Ohio clinic performs US’s first face transplant

Thursday, December 18, 2008

A team of eight transplant surgeons in Cleveland Clinic in Ohio, USA, led by reconstructive surgeon Dr. Maria Siemionow, age 58, have successfully performed the first almost total face transplant in the US, and the fourth globally, on a woman so horribly disfigured due to trauma, that cost her an eye. Two weeks ago Dr. Siemionow, in a 23-hour marathon surgery, replaced 80 percent of her face, by transplanting or grafting bone, nerve, blood vessels, muscles and skin harvested from a female donor’s cadaver.

The Clinic surgeons, in Wednesday’s news conference, described the details of the transplant but upon request, the team did not publish her name, age and cause of injury nor the donor’s identity. The patient’s family desired the reason for her transplant to remain confidential. The Los Angeles Times reported that the patient “had no upper jaw, nose, cheeks or lower eyelids and was unable to eat, talk, smile, smell or breathe on her own.” The clinic’s dermatology and plastic surgery chair, Francis Papay, described the nine hours phase of the procedure: “We transferred the skin, all the facial muscles in the upper face and mid-face, the upper lip, all of the nose, most of the sinuses around the nose, the upper jaw including the teeth, the facial nerve.” Thereafter, another team spent three hours sewing the woman’s blood vessels to that of the donor’s face to restore blood circulation, making the graft a success.

The New York Times reported that “three partial face transplants have been performed since 2005, two in France and one in China, all using facial tissue from a dead donor with permission from their families.” “Only the forehead, upper eyelids, lower lip, lower teeth and jaw are hers, the rest of her face comes from a cadaver; she could not eat on her own or breathe without a hole in her windpipe. About 77 square inches of tissue were transplanted from the donor,” it further described the details of the medical marvel. The patient, however, must take lifetime immunosuppressive drugs, also called antirejection drugs, which do not guarantee success. The transplant team said that in case of failure, it would replace the part with a skin graft taken from her own body.

Dr. Bohdan Pomahac, a Brigham and Women’s Hospital surgeon praised the recent medical development. “There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Leading bioethicist Arthur Caplan of the University of Pennsylvania withheld judgment on the Cleveland transplant amid grave concerns on the post-operation results. “The biggest ethical problem is dealing with failure — if your face rejects. It would be a living hell. If your face is falling off and you can’t eat and you can’t breathe and you’re suffering in a terrible manner that can’t be reversed, you need to put on the table assistance in dying. There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Dr Alex Clarke, of the Royal Free Hospital had praised the Clinic for its contribution to medicine. “It is a real step forward for people who have severe disfigurement and this operation has been done by a team who have really prepared and worked towards this for a number of years. These transplants have proven that the technical difficulties can be overcome and psychologically the patients are doing well. They have all have reacted positively and have begun to do things they were not able to before. All the things people thought were barriers to this kind of operations have been overcome,” she said.

The first partial face transplant surgery on a living human was performed on Isabelle Dinoire on November 27 2005, when she was 38, by Professor Bernard Devauchelle, assisted by Professor Jean-Michel Dubernard in Amiens, France. Her Labrador dog mauled her in May 2005. A triangle of face tissue including the nose and mouth was taken from a brain-dead female donor and grafted onto the patient. Scientists elsewhere have performed scalp and ear transplants. However, the claim is the first for a mouth and nose transplant. Experts say the mouth and nose are the most difficult parts of the face to transplant.

In 2004, the same Cleveland Clinic, became the first institution to approve this surgery and test it on cadavers. In October 2006, surgeon Peter Butler at London‘s Royal Free Hospital in the UK was given permission by the NHS ethics board to carry out a full face transplant. His team will select four adult patients (children cannot be selected due to concerns over consent), with operations being carried out at six month intervals. In March 2008, the treatment of 30-year-old neurofibromatosis victim Pascal Coler of France ended after having received what his doctors call the worlds first successful full face transplant.

Ethical concerns, psychological impact, problems relating to immunosuppression and consequences of technical failure have prevented teams from performing face transplant operations in the past, even though it has been technically possible to carry out such procedures for years.

Mr Iain Hutchison, of Barts and the London Hospital, warned of several problems with face transplants, such as blood vessels in the donated tissue clotting and immunosuppressants failing or increasing the patient’s risk of cancer. He also pointed out ethical issues with the fact that the procedure requires a “beating heart donor”. The transplant is carried out while the donor is brain dead, but still alive by use of a ventilator.

According to Stephen Wigmore, chair of British Transplantation Society’s ethics committee, it is unknown to what extent facial expressions will function in the long term. He said that it is not certain whether a patient could be left worse off in the case of a face transplant failing.

Mr Michael Earley, a member of the Royal College of Surgeon‘s facial transplantation working party, commented that if successful, the transplant would be “a major breakthrough in facial reconstruction” and “a major step forward for the facially disfigured.”

In Wednesday’s conference, Siemionow said “we know that there are so many patients there in their homes where they are hiding from society because they are afraid to walk to the grocery stores, they are afraid to go the the street.” “Our patient was called names and was humiliated. We very much hope that for this very special group of patients there is a hope that someday they will be able to go comfortably from their houses and enjoy the things we take for granted,” she added.

In response to the medical breakthrough, a British medical group led by Royal Free Hospital’s lead surgeon Dr Peter Butler, said they will finish the world’s first full face transplant within a year. “We hope to make an announcement about a full-face operation in the next 12 months. This latest operation shows how facial transplantation can help a particular group of the most severely facially injured people. These are people who would otherwise live a terrible twilight life, shut away from public gaze,” he said.

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Canadian inspectors to test food ingredients from China

Saturday, April 28, 2007

The Canadian Food Inspection Agency (CFIA) has issued border alerts for specific protein ingredients, imported from China, that may be incorporated into products destined for human consumption.

Inspectors from the Canada Border Services Agency (CBSA) will hold products, such as wheat and corn gluten, as well as soy and rice proteins until they can be tested for melamine, the contaminant found to have sickened pets through its use in pet food. If determined to be free of melamine, the ingredients will be released to the intended recipient. Materials such as glutens and protein powders are used commonly in many forms of food products.

The CFIA said it was not acting on specific information, but rather taking a cautious approach to human protection. “That’s why we have the border lookout for the ingredient, so that we can proactively assess any potential that the product is contaminated,” Paul Mayers of the CFIA told CBC News.

Since the border alert for melamine is a new procedure, the government can’t be sure if the contaminant made it into the food chain previously. The CFIA acknowledged that the same Chinese company under suspicion in the tainted pet food affair had shipped wheat gluten to a Canadian company, which in turn used it in food for fish farms. Although the fish were subsequently eaten by people, the CFIA believes the health risk from such consumption would be low.

In related news, Canadian researchers at the University of Guelph believe they may have determined the mechanism of how melamine caused illness in cats and dogs.

Both cyanuric acid and melamine were found in urine samples from pets that died after consuming contaminated pet food. The two compounds react with one another to form crystals that may block kidney function, researchers at the university said. The researchers observed crystals formed in cat urine by the addition of melamine and cyanuric acid. The composition of these crystals matches those found in the urine of affected pets when compared by infrared spectroscopy (FTIR).

“You wouldn’t normally expect to find those compounds in pet food, and hence nobody was really looking for it,” said John Melichercik, director of analytical laboratory services. “It’s just another piece of the puzzle along the way in this particular pet-food issue.”

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