Bookkeeping Basics: Part 1♥

For those who don't really know me, I have been in the corporate world for almost 30 years (in the accounting department).  Now do the math you can easily calculate my age (haha).  Anyway, since a lot of people are into business nowadays, I just want to share something on how to record your transactions.  

First, what does "Bookkeeping" mean.. Bookkeeping is the systematic recording of a company's transaction on a regular basis. 

There are 5 types of Accounts in Accounting : Assets, Liabilities, Capital, Income and Expense.  Let's start with the three Balance Sheet accounts : Assets, Liabilities and Capital. 

Remember this formula : ASSETS - LIABILITIES = CAPITAL

ASSETS : are things of value owned by the business.  It includes cash on hand and in bank, properties such as furniture and fixtures, equipment, motor vehicle and goods or services on credit (owed by his customers).  In recording : Increase in Assets - Debit and Decrease in Assets - Credit.

Example 1:  The company purchased a set of computer for P24,000.00.

Example 2:  Received payment of P50,000.00 from customer on sale of goods on account.

Journal entry:

                        Cash  (Debit)                                              P50,0000.00

                                  Accounts receivable (Credit)                                       P50,000.00

LIABILITIES: are the debts owed (pakakautang) by the company. These are money owed by the business to it's suppliers or creditors, bank loans and overdrafts.  In recording : Increase in Liabilities - Credit and Decrease in Liabilities - Debit.

Example 1:  The company purchased a van for P500,000.00 on credit.

Journal entry:

                        Van  (Debit)                                              P500,0000.00

                                  Accounts payable (Credit)                                       P500,000.00

Example 2:  Paid P25,000.00 to creditors.

Journal entry:

                        Accounts payable  (Debit)                        P25,0000.00

                                  Cash (Credit)                                                           P25,000.00

CAPITAL (EQUITY) : is the value of the investment in the business by the owner/s.  Often described as the owner's interest because it is the part of the business that belongs to the owner/s.

Example 1:  The owner invested P1,000,000.00 to start a new business.

Journal entry:

                        Cash  (Debit)                                              P1,000,0000.00

                                  Owner's Equity (Credit)                                       P1,000,000.00

Example 2:  The owner made additional investment  of P100,000.00 to the company.

Journal entry:

                        Cash  (Debit)                                              P 100,0000.00

                                  Owner's Equity (Credit)                                       P100,000.00

***Please note that the Debit and Credit amounts are balance.  I remember during my high school days my bookkeeping teacher taught us to make T-accounts to post the journal entries that we recorded.  So what is a T-account?  A T-Account is the graphic representation of the general ledger.

Example : Reference transaction see example 1. 

Assets, Liabilities and Capital are Balance Sheet accounts. What is a Balance sheet?  A Balance Sheet is a Financial statement that shows the financial position of a business at a specific point in time.

Refer to this accounting equation: 

ASSETS = LIABILITIES + CAPITAL

ASSETS - LIABILITIES = CAPITAL

Hope you learn something from this post. Wait for the second part the Income and Expense accounts. 

xo,

Chiq♥

Hello Kitty x Colourpop Tropical Escape Collection♥

source: Google

Here's another Colourpop collaboration with Hello Kitty - The Tropical Escape Collection.  This collection is so perfect for summer.  It features fresh and vibrant tropical colors that will surely give an amazing summer vibe. The collection was launched June 17, 2021 (10am PST time), June 18 here in the Philippines.

source: Google.com

The Tropical Escape Collection is composed of eyeshadows, blush, lip balm, lip scrub.  You can also create your own eyeshadow palette and they called it "Choose your Smoothie".

I was so excited with this new collection, but unfortunately like the other Hello Kitty x Colourpop collaborations it can't be shipped here in the Philippines because of license issue. :(  

Well I guess I just need to wait for some online sellers to carry this collection here.  But I hope soon they will also fix that license issue so I can purchase it directly from Colourpop USA.  I am used to other in their website, because I love Colourpop!♥

What do you think of this new collaboration?

xo,

Chiq♥

Pandemic edition: What's in my work bag?♥

I know a lot of people have been sharing this on social media especially in Youtube.  At the moment I have not joined the bandwagon of being a Vlogger (still camera shy.. haha).  I want to share "What's inside my work bag?" - pandemic edition, since May 2020 (when we returned to work last year) these are my everyday essentials.

For work I alternately use my Furla Tessa Tote and Prada hobo bag.  What I love about these bags is that I can wear or carry them crossbody.  There is nothing spectacular on the things I have in my bag mostly these are the essential things that I really need and those that are easy to sanitize. 

Here are what's inside my work bag:

• Zip wallet, coin purse & card wallet - For the wallet I chose a wristlet so I can easily carry it around wrist for hands-free shopping.  Both are easy to sanitize, it will not harm the material when you wipe it with wet wipes or spray on - alcohol or disinfectant.

• Medicine pouch - I chose a two zip mesh pouch - so I can easily locate the things that I need.  Got the pouch at SM Department store in Mega mall.  Aside from my first aid medicines I also bring a pen, wet wipes, mouth spray, poy-sian (got this from Bangkok best for my vertigo), eye-mo, Young Living Deep relief,  and ear saver (for face mask).  I also use that pouch to put my receipts and I also have my prayer stampitas there. 

• Rosary

• Feng shui charms - I am born under the Year of the Boar and these are the amulets I carry for this year... 

• Alcohol - I attached the spray bottle on the long strap of the bag for easy access.  I am so into bejeweled things... these are made to order bejeweled alcohol spray bottles from @fabulouschq (on Instagram).

• Car keys - Please excuse the other keychain it's already shedding... it's a gift from a friend and I also love personalized stuff. 
• Mobile phones - I have two (2) for personal and business use.  (Note: I am using my other phone to take the photo)

• Pasig QR code - One of the most important things to bring when you are going outside your residence.  I have both a printed and laminated one and a soft copy in my phone.

At the moment I don't carry a make up pouch since we always wear a mask and face shield.  I also don't have extra masks in my bag because I have extras in my car and at the office.  

So that's it!

Extras:  I am actually carrying two bags at work.. So this is what's inside my work bag #1, I will be sharing my number 2 next time. (*wink!)

xo,

Chiq♥

Mochi: My Maltipoo♥

He is one the reasons why I am completely sane during this pandemic.  Yes, I know many of us have developed anxiety and depression during this time and I am very thankful to my sister for giving him to me.  I thought I won't be able to take care of him because having a dog is really a responsibility and yes it's costly.  

Mochi's Gotcha Day - October 12, 2020

In a few months he will be turning one year old... definitely he is no longer a puppy... but for me he will always be a puppy forever. The good thing about the maltipoo: is they retain their puppy looks they actually looks like an adorable little teddy bear (even if they are adult dogs already).  I never really imagined that I will be this attached to him... and my family too.  Aside from my two nephews my mom loves him dearly.

Mochi's first grooming at Mr.Pawsph

Whenever I feel under the weather, he is my little ball of sunshine... After a long and stressful day at work, seeing him very excited to see me home, washes away all my "pagod" (tiredness).  Hugging him makes me feel happy as well. ("ang lakas maka-happy").  Then I realized that I should have gotten a puppy before... 

Training him is not easy but I am happy with his developments.  He is a smart dog...though training is not easy-peasy as you think but I really took time and effort in doing it.   Teaching him tricks did not happen overnight, but I am proud of his accomplishments.  Sometimes he is so stubborn but very sweet and super clingy.

I love dressing him up, that's why my niece calls him "Ninang's fabulous pet".  

Yes, my friend is right - it feels so good to have a dog.. You will truly feel his unconditional love: every look, lick and hugs from your fur baby goes straight to your heart.  Wishing that I could keep him forever.♥

Mochi has his own Instagram account you can follow him @everydaywithmochi.

Tidbits:  

***For those who does not know - a maltipoo is a mix breed between Maltese and a Mini/Toy Poodle.  They are affectionate and gentle, but they are prone to suffer from separation anxiety.  They don't shed much that is why they are considered a hypoallergic breed.  

xo,

Chiq♥