accounting basics Item 1
ARTICLE 37. Consequently, the practitioner should consider and study the user of their services as a separate economic entity that is, relate to the particular circumstances of their activity, be they internal or external to, in each case, the techniques and methods most appropriate for the type of economic entity and the kind of work that has been entrusted, observing in all cases the following basic principles Professional ethics: Integrity
. Objectivity. Independence. Responsibility. Confidentiality. Observations of regulatory requirements. Competence and professional development. Dissemination and collaboration. Respect between colleagues. Ethical conduct. The explanation of the basic principles of professional ethics is the following Integrity
The practitioner must maintain their integrity intact, whatever the field their performance in practice. As a result, it is expected honesty, integrity, honesty, dignity and sincerity in all circumstances.
Within this principle are covered by other related concepts that, without requiring explicit mention or regulation can have a relationship with performance standards established. Such concepts could be the moral conscience, loyalty at various levels, veracity as a reflection of an undeniable reality, justice and equity to support the positive law.
Objectivity Objectivity is above all impartiality and act if harm in all matters that relate to the field of professional action Public Accountant. This is especially important when trying to certify an opinion or comment on the financial statements of any entity. This quality is generally associated with the principles of integrity and independence and is often commented upon in conjunction with this. 37.3
independencies professional practice, the practitioner must have and demonstrate independence of mind and absolute discretion with respect to any interest which may be incompatible with the principles of integrity and objectivity, with respect to which the independence, the peculiar characteristics of accounting profession should be considered essential concomitant. Disclaimer
While recognizing that responsibility as a principle of professional ethics, is implicit in every one of the rules of ethics and rules of conduct of a public accountant, is appropriate and justified specifically mentioned as a principle for all levels of accounting activity. Privacy
Ethics The CPA's relationship with users is the key element of professional practice. For full success of this relationship must be founded on a commitment to responsible, loyal and genuine, which imposes the strictest confidence training. Competition and professional development
The practitioner should only hire work for which he or his partner or partners have skills and expertise necessary to perform services is engaged in an effective and successful .. Dissemination and collaboration
The practitioner is required to contribute according to their personal potential, development, improvement and upgrading of the profession, both institutionally and in any other fields, such as broadcast or teaching will be, affordable. Respect between colleagues
The practitioner must keep in mind that sincerity, good faith and loyalty to their colleagues are basic conditions for free and fair exercise of the profession and for peaceful coexistence, friendly and cordial of its members.
Ethical Conduct
The practitioner must refrain from any action which might adversely affect the reputation or affect in any way discredit the profession, taking into account that the social function involving the exercise of their profession, is obliged to hold his public and private conduct to the highest moral precepts of universal.ARTICULO 38. The CPA is an associate justice in cases specified by law, specifically designated as an expert for it. Also in this condition, the practitioner will do its duty to have the highest view of their profession, the importance of the task entrusted to society as an expert and search for truth in a totally objetiva.ARTICULO 39. The practitioner is entitled to receive remuneration for their work and the people that run under his supervision and responsibility. Such compensation is the normal means of subsistence and compensation for staff to servicio.ARTICULO 40. The ethical principles governing the professional conduct of CPAs do not differ substantially from those governing other members of society. It distinguishes itself by the social implications mentioned above.
PARAGRAPH. This law covers all standing rules of ethics must adhere to the Chartered Accountants registered with the Board Central Institute of Accountants in the exercise of the functions of the Public Accounts established by the laws and regulations.
Item 2
accounts The account is the central data structure in the accounting and payment service. It is the basic of accounting, refers to the duly amended or numbered name given to securities held by the company. The bill facilitates the recording of accounting transactions in the books, represents property and rights and obligations which a company has on a particular date.
Debit refers to money and property is the customer who has an account change bank, as opposed to credit, where money is used dadoEl debit accounts is one of the two features of any application to the books (credit being the other. A rate is reflected in the debit accounts and are active nature of accounting and must always be accompanied by a credit reflected in the "having" can be either in person or in equity. There are two types of accounting in the accounts natures, nature accounts for payment (all those going on the debit side ) and the nature of creditor accounts (all those who are in credit). Refer to the accounts "T".
The word credit comes from the Latin creditum (substantivation the verb credere: believe), which means "trusting thing." That "credit" originally meant among other things, to trust or have confianza.El credit in general is changing a present for future wealth, based on trust and reliability deudor.El granting the credit, some economists is a kind of change that acts in time rather than acting in space. Can be defined as "the change of current wealth for future wealth." Thus, if a miller sells 100 sacks of wheat to a baker, 90 day terms, means he is confident that the arrival date of that period the debt will be canceled, in which case we say that the debt has been "to credit term. "
Double entry
The double entry system is the method or system for recording transactions in the accounts most widely used.
The origin of the double-entry bookkeeping fifteenth century in Italy, where the Franciscan friar Luca Pacioli, who wrote the first treatise on accounting.
Its main tenet is "There is no creditor debtor or creditor without a debtor." This means that, considering all the assets of the company, if an element is reduced because another rises, or, in other words, if an entry in an element is because there is an output of another item, therefore, to debit an account (or accounts) is always having to make a credit in another (or others).
Following this double entry system in each transaction that a company must always seek a double change in the assets of the same.
The bookkeeping is done by scoring two times the amount of the transaction: to debit an account and having the other.
ACCOUNTING SYSTEM REGISTRY.
Accounting for stock purchases and sales: General Accounting
The plan provides for different classes of stock. To see how it works we will look at the bill of goods (300), typical of commercial enterprises. The company should open as many accounts of goods as goods intended for sale. The goods account recorded only the opening and closing stocks of them. Be paid for the initial stock changes under the bill of goods stock (610) and charged by the closing stock credited to the account variation in stocks of goods.
buy merchandise Account (600) should be reflected in the total value of purchases (including transport, insurance, taxes and customs ....) Discounts, rebates or trade discounts except for prompt-payment including invoice consider buying a smaller amount.
The account purchase returns and the like (608) recorded in the remittances have returned to providers for breach of the terms of the order and discounts or similar bill after the defects of quality, delivery failure or other similar things. Rappels
purchases (609). Be reflected in the discount or derived by aboriginal women have a certain volume of orders.
Account of goods sold (700) have collected in the total value of sales excluding the costs to be accounted for in other accounts. Discounts, rebates or discounts including invoice except for early-payment become smaller amount of purchase.
The account sales returns and similar operations (708) must register with the remittances sent back by customers for breach Order conditions and discounts or similar bill after the defects of quality, delivery failure or other similar things, will also be recorded on the debit of this account. Rappels
sales (709). Reflected in the discount or similar should be granted to customers, who have reached a certain volume of orders.
Account 624, transport, other transport harvested from sales on behalf of the company.
discounts on purchases for prompt-payment is considered interest income (765).
sales discounts for prompt-payment is considered a financial expense (665). The packaging account (326-7) functions as the goods account. The purchases are recorded in the purchase of other supplies (602) as well as other stocks in the subgroup (32). The accounts are recorded in the income distribution of containers and packaging (704). If these containers and packages are received or delivered with the right of return recorded in the accounts and packaging for return customers (436) and packaging for return proveedores.Las towards future deliveries or purchases are recorded in the imprest account providers (407) and the customer received the account customer advances (437). 708-9 accounts function as expense accounts. The annotations are produced on the credit accounts and vice versa 608-9.
accounts 6-710 are the only groups that support 6.7 debit and credit entries. So the balance may correspond with your group or not.
Item 3 iva ... ..
TAX AND TRADE AND INDUSTRY AGREEMENT NOTICES AND BOARDS 031 24 DECEMBER 2004 FACT
GENERATOR: The event's Tax and Trade and Industry Notices and board consists of the exercise or performance directly or indirectly in any trade, business or services in the municipality of Ibague, whether that activity is met in a regular or occasional, in particular property, with the establishment or not.
ASSETS SUBJECT: It is an active subject of the Tax and Trade and Industry Notices and board is the city of Ibague.
Debtor: This is subject tax liability of a natural person, legal or de facto partnership that made the event for the tax liability.
CLAUSE: They are also liable to tax on industry and trade and sign and billboard, mixed companies and commercial and industrial enterprises of the State, consortia and joint ventures as partners individually, pension trusts and the provision of services technical, supervision and consulting company in fact exercised by or legal.
ACTIVITIES NOT SUBJECT: Pursuant to Article 39 of Act 14 de1983, are not subject to taxes of Industry, Trade and notices and Boards, the following activities:
The primary agricultural production, livestock and poultry, not to include the manufacture of foodstuffs or any industry where there is an elementary transformation process it is.
National production of goods destined for export.
exploitation of quarries and mines other than salt, emeralds and precious metals when royalties or shares for the municipality is equal to or higher than that correspond paid as Tax of Industry, Trade and sign and billboard.
public education, charities, cultural and sporting, the activities of trade unions, professional associations and nonprofit trade associations, political parties and the services provided by hospitals affiliated or linked to the national health.
When such entities are engaged in or carrying out industrial or commercial activities are subject to the Tax of Industry and Commerce, and board notices regarding such activities.
TAX DEADLINE AND SUBMISSION OF INDUSTRY AND COMMERCE, sign and billboard. The declaration of Industry and Commerce should filed with the authorized banks in the People's Bank Industry, West, Bogotá, Megabanco, Santander, and AVVillas Davivienda. the city of Ibague, since the first of January to the last working day of March each year. And the only Reteica Declaration must be presented at the Banco Popular de la Calle 14 (within 10 calendar days to two months caused).
TAXABLE BASE AND SETTLEMENT: Taxes on Industry, trade and sign and billboard, for each year, will be settled based on the average monthly gross income (ordinary and extraordinary) during the period, in the exercise of the activity or taxable activities by natural or legal persons or companies. PARAGRAPH
-.: The monthly average is calculated by dividing the amount of gross income earned during the previous year by the number of months of activity. The withholding tax will be settled based on the purchase or value of the service billed by the retainer, for each payment made including advances in case they are made.
TAXABLE BASE OF SOME TAXPAYERS .- Advertising Agencies, Administrators, and Real estate brokers and brokers, agencies and insurance agents, brokers and companies Temporary Services, pay the Tax and Trade and Industry Notices and panels on the average monthly gross income, understood as the value of similar commissions or other income earned themselves for themselves.
TAXABLE BASE OF WORKERS 'COOPERATIVES. The taxable base of Worker Cooperatives are own revenues earned minus the ordinary and extraordinary rewards of cooperative members. TAXABLE BASE
from subdivisions for purposes of settlement of Industry, Trade and sign and billboard of the developers and / or construction, the basis is taxable gross sales made in the previous year. RATES
INDUSTRIAL AND COMMERCIAL SERVICES. Commercial and industrial activities Services understanding are established according to the "International Standard Industrial Classification of All Economic Activities" - ISIC and "Unique Tax Registry" - RUT. The rates of tax on industry and commerce according to the activity are:
SUMMARY OF INDUSTRIAL ACTIVITIES
RATES:
ACTIVITY CODE RATE
101 102
3.0 per thousand by 3.5
103 thousand
4.0 per thousand
104 105 4.5 per thousand
5.0 per thousand
106 107 6.0 per thousand
7.0 per thousand
BUSINESS:
ACTIVITY CODE RATE 201
3.0 per thousand
202 203 3.5 per thousand
4.0 per thousand
204 205 4.5 per thousand
5.0 per thousand
206 207 7.0 per thousand
10.0 per thousand
SERVICE ACTIVITIES:
ACTIVITY RATE CODE 300
2.0 per thousand
301 302 3.5 per thousand
4.0 per thousand
303 304
6.0 per thousand for 5.0
305 thousand 5.0 per thousand
306 307 6.0 per thousand
7.0 per thousand 10.0 per thousand 308
retention agents.
are withholding agents of Industry and Trade: Institutions of public law, which refers to the purposes of this agreement the following: the Nation, the Department of Cundinamarca, the municipality of Cota, public establishments, companies State Industrial and Commercial, mixed economy companies, as well as indirect or direct decentralized entities and other legal persons of whatever denomination they take in all fields and levels, and in general the state agencies or the that the Act granted power to conclude contracts in the municipality of Cota, and Social enterprises State.
Those who are classified as large taxpayers by the Tax and Customs, legal persons and companies contracting with third parties the fact that supplies and services from natural or legal persons or companies. Intermediaries or others involved in economic transactions by contracting, which is generated withholding tax on industry and trade, according to which set the rules. The land transport companies, cargo or passengers, when making payments or credits on account of its affiliates or linked, which is generated in taxable activities with the tax on industry and trade, product delivery services transport have not been subject to retention by the client of the service, made the retention of industrial and commercial tax regardless of the quality of the taxpayer receiving payment or credit account.
In term contracts, including delegated administration, the president will practice at the time of payment or payment into account all the withholding tax on industry and trade, taking into account the effect the quality of the principal. Also, comply with all obligations relating to the withholding agent.
accounting support
financial supports are the documents that serve as the basis for recording a company's business operations, that is why we must be especially careful when preparing
All financial transactions made by companies must be registered in the books, but in turn for each of these records may be justifiable must be supported by the relevant documents for each of them, is why then are the main commercial paper and securities that can be used in the accounting cycle, its definition and its main features . GENERAL
All media statements must contain the following general information: Name and address of the company that issued it. Name number and date of receipt. Description of the document content. Firms responsible for developing, reviewing, approving and accounting vouchers. The major media accounts are
1. Cash Receipt Receipt of cash accounting is a medium in which consist of cash receipts collected by the company. The original delivery to the customer and archived copies a file to append a row and one for the journal voucher accounting. The cash receipt is posted with a debit to the cash account and credit agreement with its contents or concept of payment received. Support is usually a partial or complete fertilizers of customers of a company by concepts different cash sales because for them the support is the bill.
2. BancariaEste appropriation bill is proof that banks produce and provide to their clients so that they fill the record. The original is in the bank and a copy with the seal of the cashier or the cash register ring, serves to account for the company slogan. There are two types of appropriations, one for recording cash and checks from local banks and another to record remittances, or checks from other places. Needs several accounting brackets in original and produce as many copies as the business needs required
3. Proof of deposit and retirement accounts Savings The savings and loan corporations have designed a format that provided for their customers, in notebooks, to be filled out to deposit or withdraw money from your savings account. This support has two options to choose just one, deposits cash or checks from local banks and cash withdrawal or check, according to the amount and customer demand.
4. Bill of sale is a commercial invoice accounting support that also contains data
general media accounts, description of items purchased or sold, rates and taxes which are causes and conditions of payment. From the standpoint of the seller is called a bill of sale and the buyer, the purchase invoice. Generally, the original delivery to the customer and produces two copies, one for running and a file for appending the journal voucher accounting. The invoice will be issued with the following requirements: To be named specifically as a bill of sale. (Preprinted). Numbered in consecutive order. (Preprinted). Surname, name or business name and TIN of the vendor or supplier of services. (Preprinted). Surname, name and address of the person acquiring the goods or services. Date of issue. Specific or generic description of goods sold or services rendered. The name or business name and TIN of the printer of the bill. (Preprinted). Indicate the quality of retainer sales tax.
5. It is a security check whereby a person called "spinner", orders a bank called "rotated" to pay a certain sum of money payable to a third called "beneficiary."
6. Also known as proof of payment order or proof of expenditure, accounting is a stand supporting the payment of an amount of money through a check. Generally, the company is prepared in duplicate, the original receipt to attach to the daily accounting and straight file copy. For more control in the proof of payment is a copy of the check, and the title value to the recipient. The financial supports must be based on an orderly and brief, clearly stating that daily transactions are made in a company
7. This bill of exchange or securities negotiable document is an unconditional order of payment that gives a person called a "spinner" another called "rotated" to pay to the order or bearer, a certain sum of money, given or a certain date. In trade, the bill of exchange used as security for payment of sales and purchases on credit. The seller does sign bills of exchange to their customers and collect letters are called, the buyer accepts the letters to its suppliers and call letters for pay.
8. Note is a security whereby a person is obliged to pay a certain amount of money on a certain date. This document is used to support bank loans.
9. Debit Note is a proof that the company uses to charge account customers, higher value
concept of omission or error in the settlement of invoices and financial interests or caused by delayed payment of its obligations .
10. Note Credit When the company provides discounts and rebates that are not settled in the bill or when customers make full or partial refund of the goods is used for posting a note called credit voucher. This voucher is prepared in original and two copies, the original customer, one copy for the file to append a row and one day the voucher accounting.
11. The petty cash receipt petty cash receipt is a stand of pocket expenses, for minimum amounts that do not require the rotation of a check, it establishes a fund called petty cash.
12. Note Accounting is the document that is prepared to record the transactions that have no accounting support as in the case of seats correction, adjustments and closing.
13. Accounting journal voucher is a document that should be developed prior to the registration of any operation and which indicates the number, date, origin, description and amount of the operation and the affected accounts with the seat. Each voucher is attached documents and media to justify it.
Accounting Procedure Qualification
Analysis and Development supports encoding of seats on draft day preparation proof accounting
accounting books
newspaper O Jornal . Where are collected on a daily basis, the economic facts. The annotation of an economic fact in the journal called "seat." Sucite transaction log of the company's turnover.
Major or Ledger. It reflects all accounts, all credits and debits made in them. Book summary record the movement of a specific account. The Book of Balance and Balance sheet. Balances books reflect the situation of the assets of the company on a given date. Balances are created when we passed the bill amounts seat to his ledger.
Article 123. Media. Taking into account the legal requirements that are applicable to the type of act concerned, the economic facts are documented by media, internal or external source, be dated and authorized by those involved in them or elaborate.
The media should adhere to the respective accounting vouchers and, noting these in such a circumstance, kept in chronological order and archived so you can take it verificación.Los media can be stored in the language which have been awarded as well as being used to record the transactions in ledgers or detail.
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