Practical financial accounting compact

Financial accounting and annual financial statements

• Important items from the balance sheet and income statement.
• Annual financial statements according to HGB, important deviations from tax law, valuation aspects in the annual financial statements (lower of cost or market principle, highest value principle).

Fixed asset postings

• Purchase and capitalization of movable / immovable assets, depreciation, sale, trade-in, low-value assets (GWG pool), advance payments, partial value depreciation, fixed asset movement schedule.

Current asset postings

• Inventories, accounts receivable with valuation, individual and general value adjustments, derecognition of accounts receivable with VAT adjustment, receipt of written-off accounts receivable, reclassification of creditors with debit balances/debit item creditors, receivables, personnel, advances, input tax surpluses.

Provisions postings

• Important types of provisions under commercial and tax law, utilization, reversal, additions, statement of changes in provisions, pension provisions.

Liabilities postings

• Bank liabilities, annuity loans (interest and repayment portion), creditors, reclassification of debtors with credit balances/debitors with credit balances, VAT payable.

Prepaid expenses and deferred income

• Prepaid expenses and deferred income (transitory items), discount.

Deferred taxes

Other special bookings

• Lease payments, own work capitalized, calculation of production costs in accordance with HGB, personnel, customs duties, freight, import sales tax, entertainment costs, gifts, proceeds from scrapping, third-party services, incidental costs of monetary transactions.

Financial accounting and preparatory work for the annual audit

Current tax law changes for financial accounting practice, effects of the BilRUG on the annual financial statements