Accounting Forms

Accounting forms are templates or documents which are used to record, track and organize financial transactions. A manufacturing company typically has to maintain many fundamental accounting forms, in order to manage its financial activities. Depending on the company’s size, sector, and reporting requirements, other formats could be used. However, manufacturing organizations frequently utilize the following popular accounting formats:

• General ledger
• Balance sheet
• Cash flow statement
• Cost of goods sold
• Register of sales and purchases
• Inventory records
• Accounts receivable and accounts payable
• Cost allocation and costing systems
• Budgets and variance report
• Trial Balance

General ledger

This is the main accounting document that contains all of the business’s financial transactions. Accounts like sales, purchases, inventory, fixed assets, liabilities, and equity are included in it.

Columns typically found in a ledger form

1. Date: The date of the transaction.
2. Account: The name or number of the specific account affected by the transaction.
3. Description: A brief description of the transaction.
4. Debit: The amount debited from the account.
5. Credit: The amount credited to the account.
6. Balance: The resulting balance in the account after the transaction.

A balance sheet

The balance sheet format shows a company’s financial situation at a certain point in time. Liabilities and assets make up its two primary components. The list of assets on the left includes things like money, accounts receivable, stock, and real estate. Accounts payable, loans, and retained earnings are among the things mentioned under the heading “Liabilities and Equity” on the right side of the page.

Columns typically found in a Balance Sheet

Assets

Current Assets

1. Cash and Cash Equivalents
2. Accounts Receivable
3. Inventory
4. Prepaid Expenses

Non-Current Assets

1. Property, Plant, and Equipment
2. Intangible Assets
3. Investments
4. Long-term Investments

Liabilities

Current Liabilities

1. Accounts Payable
2. Short-term Loans
3. Accrued Expenses
4. Deferred Revenue

Non-Current Liabilities

1. Long-term Loans
2. Bonds Payable
3. Deferred Tax Liabilities
4. Pension Obligations

Equity

1. Share Capital
2. Retained Earnings
3. Treasury Stock
4. Accumulated Other Comprehensive Income

Cash flow statement

A company’s cash inflows and outflows during a given time period are tracked in this. It divides cash flows into three categories: financing, investment, and operating operations.

Columns typically found in a cash flow statement

1. Period: The time period covered by the statement.
2. Cash Inflows: The sources of cash, including sales, investments, loans, etc.
3. Cash Outflows: The uses of cash, including expenses, payments, etc.
4. Net Cash Flow: The difference between cash inflows and outflows.
5. Beginning Cash Balance: The cash balance at the beginning of the period.
6. Ending Cash Balance: The cash balance at the end of the period.

Cost of goods sold (COGS)

This statement’s format, known as the, aids manufacturers in determining the cost of producing goods Direct labour, Direct material and manufacturing overhead are included in this. 

Columns typically found in a Cost of goods sold form