Manual accounting system
Manual accounting system is a system in which someone performs each of the steps in the accounting cycle by hand.
For example, someone manually enters each accounting transaction in the journal and manually posts each to the ledger. Other manual computations must be made to obtain ledger account balances and to prepare a trial balance and financial statements.
Category: Accounting & Auditing
Next: Subsidiary ledger →
More from this Section
- Normal balance
The normal balance of an account is on the side where an increase in the account is recorded. ... - Solvency ratios
Solvency ratios measure the ability of a company to survive over a long period of time. ... - Posting
Posting is the procedure of transferring journal entries to the ledger accounts. This ... - Depreciation Tax Shield
A Depreciation Tax Shield is a decrease in tax liability accomplished by trying to claim ... - Receivables
Receivables refer to amounts due from individuals and other companies. Receivables are ...