Visual basic has played a vital role in the field of accounting. This article discusses how Visual basic for applications is helpful in preparing various accounting schedules.
Visual basic for applications - VBA programming at its best is suitable for various schedules of accounting. It not only helps the accountants in preparing the schedules, but it aids greatly in carrying out the tasks in an accurate manner.
A schedule is a table of items of information which is needed for various components of financial statements including Balance sheet and income statement.
The schedules serve as a supporting to various financial entries corresponding to the components of the financial statements, such as, assets, liabilities, capital, revenues and expenses.
The need for preparing various schedules arises when the financial information pertaining to the elements of financial statements is to be presented in the form of a table showing the details of required information accordingly. For example, the schedule of prepayments, accruals, unearned income or receivables etc.
Since the financial statements provide the information relating to various components with accumulated or final figures, the details pertaining to these figures, such as, movements in accounts being debited or credited may be known with the help of the required schedules, which is generally, as mentioned above, used as supporting to the accumulated or final figures.
As the schedules are prepared in Microsoft Excel generally and the Visual basic for application is standardized with Microsoft word, Excel and power point, it is easy to develop various modules or programs or sub routine programs with the help of Visual basic for application. In this way, those tasks that are done manually as a routine may be accomplished much faster with an accurate manner. Hence, there is no need to perform these sort of tasks manually.
All that needs to be done is to have adequate information of how the data is to be formatted in the tables consisting of various items of information, so that the related tasks may be programmed accordingly. This way, Excel VBA saves time and efforts while enabling to perform the tasks of preparing various accounting schedules efficiently.
Revenue refers to the income from business by sale of goods or providing services. It is the total income produced by a business or a given source.
A budget in simple terms is a plan for allocating resources and specifying how resources will be allocated or spent during a particular period. It shows the amount of money that is available for, required for, or assigned to a particular purpose or period of time. .
The accounting equation aids the professionals greatly in making sure that the whole process is being done in an effective and efficient manner. Lets discuss in detail some other benefits of accounting equation. .