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A posting run is the process in which the data of a sub-system is transferred to the general ledger in summary form. Typical examples are the payroll posting (the result

The general ledger contains the bookkeeping in summary, at account level; the sub-ledgers break the same data down in detail (by partner, by asset, and so on). The two have

Depreciation is the planned, gradual recognition of the value of fixed assets as a cost over their useful life. It reflects the fact that an asset (a machine, a vehicle,

Accruals and deferrals make sure that income and costs appear in the period they economically belong to, regardless of when the cash moved. For example, an annual insurance premium paid

A provision is cover recognised for obligations that are expected in the future but are still uncertain in amount or timing at the reporting date (for example the likely loss

The accounting policy is the internal set of rules in which the company records how it applies the options available under the Accounting Act: the valuation methods, the recognition of

When changing accountants, the new accountant takes over the opening and year-to-date data, reviews the previous bookkeeping where necessary, and corrects any errors before carrying them forward. It is worth

Under the rules in force, the documents directly supporting the bookkeeping have to be kept for at least eight years. The financial statements and the accounting records also have to

Where the financial year matches the calendar year, the financial statements have to be filed and published electronically by 31 May of the following year. Missing the deadline can lead

Coding is the step in which the accountant assigns a transaction to the appropriate general ledger accounts, on the debit and the credit side. This is what translates a real