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Accounting Concepts (Accounting Concepts and FRS Reports)

Posted by Saleem Mukati

Following are the FRS reports that are received monthly for each account.
FBM091
Report of Transactions
(General Ledger)		 Use account controls 1xxx (Assets), 2xxx (Liabilities) and 3xxx (Fund Balance) to verify that the Accounting Equation is in balance.

You will also find details on Fund Additions (4xxx) and Fund Deductions (5xxx) and can review subsidiary ledger summaries (9xxx).


FBM090
Account Statement
(Subsidiary Ledger)		 Summarizes by object code an account's budget, actual revenues and expenses and encumbrances.

Some accounts (mainly auxiliary) will have revenues and expenses. A positive number means that revenues exceeded expenses. If the number is negative, expenses exceeded revenues. Notice that I used positive and negative and not debit and credit. Debits and credits do not apply when reading this report.
FBM091
Report of Transactions
(Subsidiary Ledger)		 Details budget, revenue, expense and encumbrance transactions for the current month.

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1 comments:

Webinar said...

Learn budgeting concept from::
https://informativeaccounting.blogspot.com/2019/05/budgeting.html

May 21, 2019 at 3:49 PM  

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