It is a process through which the different accounting records are interrelated technically and conveniently from the first entry.
Until the formulation of the financial statements, according to the accounting system adopted by the entity and the volume of operations carried out in the period.1
Accounting integration is the set of procedures by which the main and auxiliary books that have registered operations are interwoven in an accounting system that allows the production of financial statements, processing all the records made.2
It is a process by which the main and auxiliary books that act as the receiving source of the operations are intertwined in an accounting system, the same that ranges from the first record in one of the books to the formulation of the financial statements. This process depends among other factors: the volume of operations, activity, organization of the company, accounting system implemented, decentralization of work, etc.3
Naturally, this process varies according to the volume and organization of the company.
The integration process can be summarized as follows:
A) THE INVENTORY BOOK:
Opening that begins with the registration of capital contributions 3
The inventory book, with its balance. If it is a company that is just starting, it will have the date of said start. In this case, the assets contributed by the partners (or the owner if it is a sole proprietorship or an EIRL.) And the capital account will be noted.1
If it is a company that already exists, this inventory will be dated January 02.
Inventory, as the name implies, only uses balance sheet or inventory accounts. That is, from class 1 to class 5, they are the real accounts.
B) IN THE DAILY BOOK
- Opening voucher, taking the data that appears in the initial inventory balance Common operations that are recorded directly in this book Centralization or receipt of the movement noted in the auxiliary records Centralization of the cash book Correction entry if necessary Accounting adjustment entries (not to be confused with inflation adjustments)
C) THE INVENTORY AND BALANCE SHEET BOOK
CONCEPT: It is a main book of simple foliation, its main purpose is to show the economic situation of the company, which will record all the assets, liabilities and assets that the company has. This book is used twice a year, once at the beginning of operations (any month of the year called the initial inventory) and another at the end of the economic period (as of December 31, called the ending or closing inventory) 5
When starting the commercial activity, the company must prepare an inventory and a balance sheet that allow it to know clearly and completely the situation of its assets, in this book all these items must be registered, in accordance with the legal regulations.
The information that this book should contain is:
- The quantity of inventoried items at the beginning of the accounting period. (These are generally inventories and fixed assets) The name and code of the accounts and subaccounts that make up the items described above The value that corresponds to the unit value of each item The partial value of the operations The corresponding total value to each account.
LEGAL BASIS: Art. 13, subsection 3, numeral 3.1: this book must contain, at the close of each taxable year at least the information indicated in numerals 3.3 and 3.4 of this article, as appropriate. This without prejudice to the provisions of art. 6 of the superintendency resolution N141-2003 / SUNAT
INVENTORY PARTS:
- Assets Liabilities Summary and Inventory Balance
INVENTORY CLASSES:
- Beginning Inventory Ending or Closing Inventory Special Inventory Loose Leaf Inventory
INVENTORY AND BALANCE SHEETS
CHECKING BALANCE
It is known that the debits and credits of the journal entries must always be equal to each other and these balanced entries are at the same time passed to the general ledger where the debit balances of the accounts must equal the total of the credit balances. The equality of debits and credits is summarized in the trial balance, therefore we will say that:
It is called a trial balance or balance of sums or balances to the state in which all the accounts that were registered or opened in the ledger with their respective amounts, both in debit and credit, are consigned. It is said of verification the total sum of the debits is equal to the total sum of the credits, vertically. Trial balance: it comes to make a set of accounts whose names appear in the major on a certain date and where the amounts recorded in debit and credit must be equal. As expressed, it indicates that the trial balance represents the sums of the debit and the credit of the journal,which have to be equivalent to the sums of the debit and the credit of the ledger, to say through the trial balance it is verified or verified if the amounts of both books coincide correctly. This fact indicates that for each charge there is an equal amount of credit.4
PERIODICITY OF THE VERIFICATION BALANCE
To issue a trial balance report, the general ledger accounts are taken at the level of accumulated totals in a given time, account by account; We pass these totals from the ledger to the column of sums of the largest of the trial balance, then with those data already passed in the worksheet (trial balance) they are distributed according to the rules and we can define if the company has profits or losses in a certain time.
The usual practice is to make a trial balance every year, however the period can be reduced to a month, a quarter or a semester depending on the economic and financial characteristics of the company. The trial balance must include all the entries noted from the beginning of the year to the end of the accounting period.
DIARY BOOK:
- Legal aspect:
According to the commercial code in its article 38 it says:
In the journal will be entered for the first time (entries 1 of opening or reopening) the result of the book invent and balances divided into one or more consecutive accounts, then all its operations will follow day by day, expressing each entry with charge and discharge of the respective accounts, according to the accounting documents.
The daily book is a main and mandatory book of simple foliation, in them the operational transactions that the company carries out are recorded.
This book is important, because it will reflect all the operational movement that the company makes in a chronological, clear and orderly way, that is, day by day, month by month according to the calendar, clearly indicating who is the debtor and who is the creditor., through the diary the mechanism of the science of double entry is clearly demonstrated, because each operation recorded in this book consists of a debit and a credit, the equivalent, to each other.
Its study greatly facilitates the smooth running of any business, resulting in an optimal guide for companies. The accounts that have movements in this book will be the same as those used in the general ledger.
The creation of the accounting entries in this book must be according to the documents that give the operational transaction.
- Technical aspect:
Generally, companies, according to their magnitudes of operations, carry out many transactions, if it were to record on a daily basis document by document, the pages of daily books would end in less than a set time to replace that we use a document format called Boucher where we summarize in a single seat, joining the accounts by homogeneity with their respective amounts and thus saving the sheets of the journal, we can also resort to the auxiliary books and at the end of each month we transfer in a summarized form to the journal and this transfer receives in the name of centralization. (See the location of the journal in the chart illustrating the accounting process.)
The legalization is carried out on the first page with the notary public, each page must be duly foliated and sealed.
It should be noted that the daily book is the pillar of all books, in this book the operations that affect either the main and auxiliary books are centralized every end of the month.
- The bill. It is the numerical representation also called code according to the accounting plan, which is applied to all companies according to the operations carried out, these accounts represent values, goods and obligations derived from the activity of the company.
The accounts facilitate the uniform recording of operations in the accounting books.
Example with the account 10 boxes and banks:
10 boxes and banks.
10. 4 checking accounts.
10. 41 national currency.
10. 41. 1 Latin bank.
- In this example the main account is 10, its name and cash and banks must be underlined with red ink in the computerized system it must be in bold.
- The division is 10. 4 checking accounts.
If we observe the revised general accounting plan, there are only account 10 and the aria division 10.41 with more digits in this or any account, divisions are created according to the needs of each company.
Location of the accounts.
1. In the must.
The use of the left side (see the line) of the book receives this name, which is constituted by the values that enter the account, by the expenses and losses produced in an accounting operation, he "must" receives the name of charge or debit.
2. Credit.
Column made up of account outflows, income or profits obtained and is located on the right side, the "asset" is also called a credit or credit.
3. The balance is the difference between the debit and the credit of the amounts of an account. The balances are debtors and creditors.
3.1 the balance.
It is the difference between debit and credit of the amounts of an account. The balances are debtors and creditors.
3.1 debit balance.
When the debit is greater than the credit.
3.2 credit balance.
When the credit is greater than he owes, and the balance is null when the debit is equal to the credit, calling it a settled account.
Account content.
Every account must contain the following:
- The title of the item referred to. Total of the increases of the total of the decreases. Seven and detail by reason of each one of the increases or decreases. The net amount of the item on a given date. The balance-the net amount it is equal to the beginning balance, plus any increases, less decreases.
Account charges or credits.
1. Accounts are debited or debited by:
1.1 increase in assets.
1.2 decrease in liabilities.
1.3 decrease in equity.
1.4 decrease in income.
1.5 increase in expenses.
2. The accounts credit or contribute by:
2.1 decrease in assets.
2.2 increase in liabilities.
2.3 increase equity.
2.4 increase income.
2.5 decrease in expenses.
- The columns located in the journal will have specific functions, having for this that all the codes of the main accounts of the revised general accounting plan will be located and recorded in the first column. The divisional ones will be recorded in the second column. wide, the entries will be recorded and the gloss once the accounting entry has been recorded a horizontal line is drawn, it means that said entry is concluded, in each gloss the date of the operation must be recorded.
The gloss.
It is the brief and clear explanation of the hundred registered in the daily book, the reason for the operation.
The accounting entry.
It is all operational act registered in the journal, for this you must have the documents that support said record.
Types of accounting entries in the journal.
According to the nature of the operations that are recorded, they are classified as:
1. Opening seat.
It is the first entry that is recorded in the journal and is the transfer of the initial inventory balance accounts (assets, liabilities and equity) to be made in any month of the year when the company is incorporated.
2. Transaction entry (simple and compound entries).
Operational transactions that are recorded according to the documents, chronologically.
2.1 simple seats:
They are accounting entries that are made up of a debtor account and another creditor account, according to payment vouchers.
2.2 composite seats:
Accounting entries made up of two or more debit accounts and more than two creditor accounts, according to payment vouchers.
According to simple and compound seats, they are classified into:
A- seat by nature.
It is called entries by nature to any original operation carried out by the company or any document that originates an accounting entry.
B- seat by transfer (by destination).
It is the transfer of the entries by nature of the expense accounts of class 6 to the cost center, using as a link to the accounts of classes 2 and 9 of the pcgr.
3. Centralization seats.
It is the summary that is made every end of the month in the accounting entries of the books: register of bills to be collected, register of bills to pay, kardex book of demands, bank book, petty cash book,… to the journal.
4. Seat adjustments.
They are entries (operations) that are made before closing the accounting year, in order to regularize the accounts, establish provisions so that a balance sheet accurately reflects the equity status of the company.
5. Seat closing.
At the end of the economic period, classes 6, 7, 8 and 9 of the pcgr have cancellation entries in the journal, using class or eight as a link.
6. Reopening seats.
Reversal of closing entries, that is, assets, liabilities and equity, and they are recorded in the first journal entry.
RESOLUTION OF THE SUPERINTENDENCY ESTABLISHING THE RULES REFERRING TO BOOKS AND RECORDS LINKED TO TAX MATTERS
SUPERINTENDENCY RESOLUTION No. 234-2006 / SUNAT
(Published on 12.30.2006 and effective as of 01.01.2007, except for the provisions of articles 12 and 13, which will become effective as of January 1, 2008)
DIARY BOOK
The following entries should be included:
(i) Opening of the taxable year.
(ii) Operations of the month.
(iii) Adjustment of operations from previous months, if applicable.
(iv) Operations adjustments for the month.
(v) Closing of the taxable year.
Likewise, the following minimum information must be included monthly:
a) Correlative number of the accounting entry or unique code of the operation.
b) Date of the operation.
c) Gloss or description of the nature of the registered operation, if applicable.
d) Reference of the operation in case the tax debtor takes his book manually, indicating:
(i) The code of the Book or Registry where it was registered (according to table 8).
(ii) The correlative number of the registration or unique code of the operation, as appropriate.
(iii) The number of the supporting document thorium, if applicable.
e) Accounting account, indicating:
(i) Code of the accounting account broken down into subaccounts at the maximum level of digits used, the minimum being the one provided in literal b) of article 6.
(ii) Denomination of the accounting account, except in the case in which the tax debtor uses a number greater than four (4) digits for the subaccounts, in which case it will be optional to enter this information.
f) Movement:
(i) Must.
(ii) Credit.
g) Totals.
For this purpose, FORMAT 5.1: "DAILY BOOK" must be used.
In the case of legal entities that obtained gross income of less than one hundred (100) UITs in the previous year, they may choose to keep the Daily Book in a simplified format, for which purpose:
a) They must include the following information on a monthly basis (if applicable, table 9 will be used):
(i) Date or period of the accounting entry.
(ii) Generic description of the monthly operation.
(iii) Account 10 - Cash and Banks.
(iv) Account 12 - Customers.
(v) Account 16 - Miscellaneous Accounts Receivable.
(vi) Account 20 - Goods.
(vii) Account 21 - Finished Products.
(viii) Account 33 - Real Estate, Machinery and Equipment.
(ix) Account 34 - Intangibles.
(x) Account 38 - Deferred Charges.
(xi) Account 39 - Accumulated Depreciation and Amortization.
(xii) Account 4011D - Taxes Payable - IGV - Debits.
(xiii) Account 4011C - Taxes Payable - IGV - Credits.
(xiv) Account 4017D - Taxes Payable - Income Tax - Debits.
(xv) Account 4017C - Taxes Payable - Income Tax - Credits.
(xvi) Account 402 - Taxes Payable - Other Taxes.
(xvii) Account 42 - Suppliers.
(xviii) Account 46 - Miscellaneous Accounts Payable.
(xix) Account 50 - Capital.
(xx) Account 58 - Reserves.
(xxi) Account 59 - Accumulated Results.
(xxii) Account 60 - Purchases.
(xxiii) Account 61 - Variation in Inventories.
(xxiv) Account 62 - Personnel charges.
(xxv) Account 63 - Services Provided by Third Parties.
(xxvi) Account 65 - Miscellaneous Management Charges.
(xxvii) Account 66 - Exceptional Charges.
(xxviii) Account 67 - Financial Charges.
(xxix) Account 68 - Provisions for the Fiscal Year.
(xxx) Account 69 - Cost of Sales.
(xxxi) Account 96 - Administrative Expenses.
(xxxii) Account 97 - Sales Expenses.
(xxxiii) Account 70 - Sales.
(xxxiv) Account 75 - Miscellaneous Income.
(xxxv) Account 76 - Exceptional Income.
(xxxvi) Account 77 - Financial Income.
(xxxvii) Account 79 - Charges attributable to the Cost Account.
LEDGER
Legal aspect:
Article 39 of the commercial code: the accounts of each object or person in particular, will also be opened by debit and credit in the ledger, and each of these accounts will be transferred in strict order of dates the journal entries referring to they5
General Ledger Registers the debtor and creditor accounts that come from the Daily Book, thus being considered as a classifier of accounts that as a file records separately, chronologically and in order all the values that represent the movements of each account.4
TRANSFER OF THE DAILY ACCOUNTS TO THE GREATER
The transfer of the annotations registered in the Daily Book to the General Ledger is considered as a transcription task.
The accounts that are charged in the Journal book must be transferred as a charge and transcribed in the Debit of the general ledger with the same amount, the accounts that are paid in the journal must be transferred as credit and transcribed in the credit of the book higher with the same amount, this action is called majorization which is a manual and technical procedure, therefore we could say that PASS OR TRANSFER It is the procedure of taking the charges and credits that appear in the Daily book to the accounts of the ledger.
In this book, the transfers of all the accounts or divisions of the journal are recorded, grouping in each of their accounts the parts of the debit and the credit5
The entries in the Journal will be transferred to the Mayor. This process is known as the initial majorization. Here each bead receives its specific movement in its own line. In this way you get the total of your charges (total debit) and the total of your payments (total credit) 1
In the General Ledger a folio is used for each account, each folio consists of two pages (double foliation) will be legalized on the first page before the notary public5
MAJORIZATION CASES
There are 3 fundamental cases of majorization:
- I. Increase in simple seats II. Majorization of composite seats III. Mixed seating increased
I Majorization of simple entries: Simple entries are made up of a debtor account and a creditor. From such to such
The amount of the debtor account of the journal will go to the debit of the major, the date and the counter creditor account of the journal are also recorded.
The amount of the creditor account of the journal will pass to the credit of the greater, in the same way the date and the counter debit account of the journal are recorded
II Majorization of compound entries: The majorization of these accounts refers to the entries that have two or more debtor accounts and two or more creditor accounts respond to several to several
The amount of the first debit account of the newspaper will be debited from the respective account of the general ledger, as well as the date, the folio and the counter accounts (creditor accounts of the journal)
The second debit account of the journal will be registered in the general ledger following the same procedure as the first debit account.
The amount of the first creditor account of the journal will be recorded in the credit of the respective account of the general ledger, in the same way the date, the folio and the counter accounts
(Debtor accounts of the journal)
The second creditor account of the journal will increase as much as the first creditor account.
III Majorization of Mixed Transactions: The majorization of these accounts refers to the registration of two or more debtor accounts and a creditor account or vice versa. They are subject to the formula such to several or several to such
The procedure for transferring the accounts from the newspaper to the ledger is the same as those for simple and compound entries.
THE BALANCE OF THE BOOKLET ACCOUNTS
The balance of an account in the general ledger is given by the difference between the sum of the debit and credit amounts.
When the sums of the debit are greater than those of the credit, the balance is said to be a debtor, if the sums of the credit are greater than the sums of the debit, it is said that the balance is a creditor. If both sums are equal, the account is said to be settled
CLOSURE OF THE SENIOR'S ACCOUNTS
It is important to specify that it is not the same to say that an account is settled than a closed account. A settled account has a balance equal to zero but remains open, which means that it is possible to continue scoring new items. However, in a closed account no more games can be entered unless the account is reopened.
In order to close an account, it is important to take as a reference the majority of the regularization and closing entries of the journal, thus in this way the accounts will be closed on both sides, whether import debits or credits. If one of the parties is lower, to make it equal to the other party, the balance is recorded, placing the words
To several or by several as the case may be.
RESOLUTION OF THE SUPERINTENDENCY ESTABLISHING THE RULES REFERRING TO BOOKS AND RECORDS LINKED TO TAX MATTERS
The following information should be included monthly
- Date of the operation Correlative number of the operation in the journal, in the case of manual accounting Accounting account associated with the operation, as follows
(i) Code and / or name of the accounting account, according to the chart of accounts used.
(ii) Name of the accounting account.
The tax debtor may place this information as a header if deemed necessary.
- Gloss or description of the nature of the registered transaction Balance and movement of the account
(i) Debt balance, if applicable
(ii) Credit balance, if applicable.
- f) Totals.
For this purpose, FORMAT 6.1 MAJOR BOOK must be used.
FORMAT 6.1 General Ledger
Period
Ruc.
Surnames and Names Denomination or Company Name
Code and / or name of the accounting account.
THE WORKSHEET
CONCEPT.- After formulating the trial balance, the worksheet that follows the first one is made.
The worksheet is a classification of the accounts that appears in the trial balance, thus allowing to determine the accounts that belong to the balance sheet and to the profit and loss result.
It is an essential but not mandatory document that is used in accounting for financial information, it is prepared based on the balances recorded in the corresponding trial balance, in order to execute the adjustments, reclassifications and other necessary operations, and finally prepare the balance sheet, income statement and other financial statements required at the end of a period. Some authors call it: "working paper" or simply "work paper".2
PARTS AND RULES OF THE WORKSHEET
1.-column for the code of the revised general accounting plan of the general ledger.
2.-column for the name of the general ledger account
3.-column to transfer the totals of the ledger for both debits and credits, this column is called "sums of the major"
4.-columns for balances (debtor and creditor)
To obtain the debit and credit balances, the column of "sums of the greater" of the same account is subtracted horizontally.
4.1.-if the debit is greater than the credit, the balance is debtor
4.2.- if the debit is less than the credit, the balance is creditor.
In the end, both columns (debtor and creditor) have to have equal amounts in the vertical sum.
5.-adjustments column: the following accounts are adjusted:
First adjustment:
We have the debit and credit columns.
the balances of the accounts of the class (9) that is so in the debtor column we transfer to the column of the adjustment credit, with the counter item the account 79 charges attributable to cost accounts that is in the column of the broker, we pass to the debit column of adjustments, in this way we concentrate account 79.
Second setting:
We take the balances of account 61 changes in inventories to account 69 costs of sales and distribute as follows:
Account 69:
It always has a debit balance, for adjustment purposes its same size passes to the credit of the adjustments column, this same amount we transfer to the column of losses in result by function.
Account 61:
It has a credit balance. The debit balance of account 69 is transferred to the credit of the adjustment column to account 61, then it is subtracted horizontally, that difference is recorded in the profit column in result by nature in case the result of the adjustment is negative to record in parentheses at account 61, in the profit column in result by nature.
6.- inventory column, we have: assets and liabilities
* In the asset column:
Account balances are transferred from 10 to 39 inclusive.
The balances of the accounts and divisions 12.2, 19,29,31,9,39 must go in the liabilities because they always have credit balances that represent decreases in assets.
* In the liabilities column: The balances of the accounts from 40 to 59 are considered. Then, add vertically the columns of assets and liabilities, once the totals are obtained, subtract total with total and you will find a difference, This difference represents a loss or a gain in a given time.
Note: “when in the subtraction of totals the asset is greater than the liability, the result is a profit; and when the liability is greater than the asset, the result is a loss.
7.- column by result by function, we have profit and loss.
* In the loss column
The balances of the following accounts are considered: 66,69,74 and class 9, the latter is designated according to the needs of the company.
* In the profit column, Account balances are considered: 70, 71.72, 73.75,76.77 and 78.
Once the balances of the aforementioned accounts have been transferred, both columns (profit and loss) are added vertically and the result represents a profit or a loss. If the profit column is greater than the loss column it means a profit and when the loss column is greater than the profit column it means losses, that difference obtained must be equal to the result obtained from the inventory column.
8.- results column by nature, we have profit and loss:
* In the column of losses: The balances of the following accounts are considered: 60,62,63,64,65,66,67,68 and 74.
* In the profit column: The balances of the accounts are considered: 61, 70,71,72,73,75,76.77 and 78, once the balances of the aforementioned accounts are transferred, both columns are added vertically and we obtain the totals, we subtract the columns from the total lost with total gains, and that difference is equal to the results obtained in the columns of inventory and result by function.
GENERAL JOURNAL 2007
