Electric Mid&Hi Fired Ceramics
Accounting 101 for Ceramic Artists
This documents the materials and classwork that was covered for basic bookkeeping that began in March and concluded at the beginning of May, 2012.
Through a combination of working through online tutorials, doing some excercises based on a fictitious potter's business, and subscribing to the free online accounting system at WaveAccounting.com, we learned together how to set up and maintain meaningful records of our businesses that are up to date, rather than finding out how we did at tax time. Balance sheets, profit and loss reports, accounts due and receivable do not come from the papers in a shoebox accounting system.
This was a peer-led group study effort.
The class can be repeated in the future if there is sufficient demand, and we expect to have more sophisticated tools for real time conferencing. An experienced instructor would be welcome to take over a future class.
Minimum number of students - 6
Maximum number of students - 12
Anticipated duration - 6 weeks
Anticipated start date - Undetermined
Required time commitment - 3-8 hours per week
Communications method - Private group discussion on the Cone6pots network and scheduled 90 minute Web conferences once a week.
Post comments and questions here.
Sign up by requesting to join this Group.
This is a fixed duration, class style study group covering basic accounting concepts and setting up our businesses on the online accounting system at WaveAccounting.com.
Participants are urged to check in and read all postings for this group at least 3 times per week.
There will be a $40 registration fee for the class. Those who complete the class with 70% or better participation will get a $20 refund or credit toward their next class.
Week 3 Tutorials and Activities 3/26 - 4/1/2012
Part 1 - Continue studying Tutorials 3-6.
Retake the quizzes until you have a good handle on them.
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Part 2 - Analyze and Record Joe Potter's Transactions
Attached is an Excel Workbook with 2 worksheets. The first is a list of transactions and the accounts affected by those transactions. The second has a list of detail accounts and T accounts set up for each. The T accounts have the existing transactions listed.
Your first task for the week is to verify that the entries are correct and then confirm that the totaled transactions will balance when brought back to the accounting equation.
On Thursday evening I will add new entries to the list of transactions and you will spread them to their T accounts and recheck the balances after you've finished. We will discuss this in our chat session on Sunday
For those of you who do not have Excel, I have converted the file to pdf format so you can print it out and fill it in by hand. If you copy the Excel file to to your computer, I believe you can open and work on it online, using a google docs spreadsheet. It would be great if one of you could do that and then reply with the steps to do that.
I know it will be very foolish to have a chat session next Sunday, but we are known to be foolhardy sometimes.
Note the 2 files place here on Monday have been removed and replaced with these two updated and improved versions. If you use excel or google docs the T accounts will automatically recalculate their balances. The Account numbers are now expanded to give you room to add your own account numbers in the appropriate range.
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Note as of Friday evening 3/30/2012 11:10 EDT the files attached below (C6P group corrected trxs) have the transactions through number 17 all clarified, corrected and balanced to the accounting equation which is included as a final page. This would be the best version to use to complete the transactions listed for the week without having to search for the errors that I made in the earlier versions. :-) You might have to create a T-account to accomodate one of the transactions. If you are using Excel or google docs, just copy the whole range of an appropriate T-account and paste it to a blank area of the page. Then change the account number, account name, and delete any existing transactions. Test with a couple debits and credits to make sure the formulas are working correctly.
Troy Bungart
What a brain cruncher. If I had only known what I was getting into I would have stayed in my corner!
Mar 31, 2012
George Lewter
Have no fear. It is going to get a lot easier when we start using the accounting software. And you will know what is happening behind the curtain.
Mar 31, 2012
George Lewter
Attached are the ending files for this week's exercises. The chat session that discusses the exercise is listed as a separate discussion. Those who participated had a good grasp of debiting and crediting transactions to the proper accounts.
Apr 1, 2012