Read reviews, compare customer ratings, see screenshots, and learn more about Debit & Credit. Download Debit & Credit for macOS 10.13 or later and enjoy it on your Mac. If you are looking for a personal finance app that is convenient, easy to use and at the same time has enough features, then Debit & Credit is the right app for you. 'Money Manager Expense & Budget ' is an optimized application for personal account management. Household account management is complicated. But we make it simple by simplifying the things that are complex. The default settings will get you started, and once you get used to it, you can alter the. Does your business involve giving or receiving credit? Do you lend money to your friends and forget to collect it? If you need an app to maintain your debt records with any person or company then Credit Debit is the app for you. This app is ideal for small businesses,shopkeepers,wholesalers,retailers and distributors.
Verified safe to install Living earth 1 18.
download apk 291.9 KB- Publisher:Infofix Technologies
- View in Store:Google Play
| Google Play statistics for Debit Credit Manager | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Developer | Size | Daily ratings | Total ratings | Release Date | Updated | Total installs | Score | Version | Content rating |
| Infofix Technologies | 291.9 KB | 0 | 36 | 2015-09-03 | 1,000+ | 3.9 | 15090215 | Everyone |
Are you a small business or individual who wants to keep track of your money??
Ever tried to lend some money and then worry about keeping track of that? Or you forgot to return money to someone??
Use Credit vs Debit app to keep track of all your money.
Debit vs Credit app helps you to manage your lending and borrowing activities at 1 place with its simple User interface it makes your job for lending money or borrowing money easier.
Debit vs Credit app features
=> Helps you to keep track of Money
=> Add debits, credits like money borrowed or money lend in the app
=> Keep track of all money received and money lent
=> Edit Option added for all the entries
=> Easy color coding to make browsing list easier
=> Password protection
Color Coding
*Red = It Used to Indicate Debit Entries
*Green = It Used to indicate Credit Entries
*Yellow = It indicates the Total of Debits and Credits
With Debit vs Credit App you can manage your business or personal finance easily. No need to worry about lending/borrowing money.
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In the previous article we covered the basics of solving debit and credit questions. Let's take it one step further by working through transactions that involve income and expenses.
Before we go on, let's review the two components of the previous article. In order to solve any debit and credit question you need to remember the following:
- Assets increase on the debit side and Liabilities and Equity increase on the credit side.
- The 3 question framework:
- What are the accounts involved?
- What kind of accounts are they? (Assets, Liabilities or Equity?)
- How are they affected? (Increase or decrease?)
On to our first example:
Income and Expenses
Paid monthly Rent to Landlord via EFT.
Let's run this transaction through the 3 question framework.
Q1. What are the accounts involved?
Bank Account and Rent Paid Account. Bank because the amount of cash in our account is affected, and the amount we spent on Rent is also affected.
Q2. What kind of accounts are they?
Bank is the easy one; it is an Asset.
Rent Paid? What kind of account is this? Let's see. It's not an Asset; we don't have something that has value in itself, it can't be sold for cash, nor is it cash itself.
It's not a Liability; we aren't increasing the amount of cash owed to people outside of the business like banks, suppliers or SARS.
By way of elimination it must then be Equity. Like we explained previously: Equity is a combination of money and/or assets that the owner invests into the business, as well as the profits of the business' activities.
A Brief Look at Business Activities: Profits or Losses
All businesses do something to make a profit. Profit is what you have left when you take the money you made in a certain venture and subtract the money you spent to make it. Eg. If you made R10,000 in selling shoes and it cost you R6,500 to make those sales, it means you've made a profit of R3,500.
Here are a few more examples of business activities:
A bakery buys in flour, sugar, butter and other ingredients and sells cakes and breads.
A property company has properties and spends money on Repairs & Maintenance, rates, security etc. and in return they receive a Rent Income.
A plumber has tools, then buys in parts and supplies and uses his expertise to make an income from charging customers to repair and install baths, toilets and showers.
Nominal Accounts
If we accept that Rent Paid is an Equity Account we can go on to answer the third question.
Q3. How are these accounts affected?
Bank decreases because we now have less cash than before. So we credit Bank.
:: Take care as we move along here; there is a common error to avoid ::
The wrong approach
Rent Paid belongs to Equity. Equity increases on the credit side. Therefore Rent Paid is credited. But it would be incorrect to simply say Rent Paid is Equity.
The right approach
Rent Paid falls into the category of Equity because forms part of calculating profit or losses made by the business.
Debit Vs Credit
Think of Profit & Loss as a single ledger account but instead of having a debit and a credit side only, both the debit and credit sides have their own sub-debit and credit sides.
(This is, in fact, why accounts like Sales, Interest, Income, Bank Charges, Accounting Fees, Postage Expenses etc are referred to as Nominal Accounts. ie Not a real account.)
Think of it as something like this:
Expenses increase on the debit side and income on the credit side.
Now it's time to work through a few examples.
Example 1
Received interest on bank deposit of R50.
Q.1 What are the 2 accounts involved?
Bank and Interest Received.
Q.2 What type of accounts are these?
Bank is an Asset and Interest is an income (Equity).
Q.3 How are they affected?
Bank is increasing. This means a Dr of R50 in the bank account. Income (Equity) is increasing. This means a Cr of R50 to the Interest Account (Equity).
Nacho libre free. Example 2
Paid R500 cash for materials used in the manufacturing process
Q.1 What are the 2 accounts involved?
Bank and Cost of Sales.
Q.2 What type of accounts are these?
Bank is an Asset and Cost of Sales is Equity.
Q.3 How are they affected?
Bank is decreasing. This means a Cr of R500 in the Bank Account.
Cost of Sales (Equity) is increasing. This means a Dr of R500 to the Cost of Sales Account (Equity).
Example 3
Money Debit Card
Rent Paid falls into the category of Equity because forms part of calculating profit or losses made by the business.
Debit Vs Credit
Think of Profit & Loss as a single ledger account but instead of having a debit and a credit side only, both the debit and credit sides have their own sub-debit and credit sides.
(This is, in fact, why accounts like Sales, Interest, Income, Bank Charges, Accounting Fees, Postage Expenses etc are referred to as Nominal Accounts. ie Not a real account.)
Think of it as something like this:
Expenses increase on the debit side and income on the credit side.
Now it's time to work through a few examples.
Example 1
Received interest on bank deposit of R50.
Q.1 What are the 2 accounts involved?
Bank and Interest Received.
Q.2 What type of accounts are these?
Bank is an Asset and Interest is an income (Equity).
Q.3 How are they affected?
Bank is increasing. This means a Dr of R50 in the bank account. Income (Equity) is increasing. This means a Cr of R50 to the Interest Account (Equity).
Nacho libre free. Example 2
Paid R500 cash for materials used in the manufacturing process
Q.1 What are the 2 accounts involved?
Bank and Cost of Sales.
Q.2 What type of accounts are these?
Bank is an Asset and Cost of Sales is Equity.
Q.3 How are they affected?
Bank is decreasing. This means a Cr of R500 in the Bank Account.
Cost of Sales (Equity) is increasing. This means a Dr of R500 to the Cost of Sales Account (Equity).
Example 3
Money Debit Card
Sold goods for on credit to customer, R1,200. The customer will pay us in 30 Days.
Q.1 What are the 2 accounts involved?
Debit & Credit Money Manager 2 7 20
Sales and Debtors.
Q.2 What type of accounts are these?
Us Money Debit Card
Debtors is an Asset and Sales is an income (Equity).
Q.3 How are they affected?
Debtors is increasing because we are owed more money than before. This means a Dr of R50 in the bank account. Income (Equity) is increasing. This means a Cr of R50 to the income account (Equity).
Conclusion
Understanding that Expenses and Income Accounts are part of Equity is key in being able to deal with debit and credit problems.
Again, keep going over the examples in this article and the previous one to make sure that you understand the concepts being taught.
In the next article we will add a little more complexity to what has been done so far by looking at VAT and how we do accounting with transactions involving VAT.
