index

A.
Each account stored in the TAccountTool is designated as belonging to one of the following account types or groups:

     Current Asset
     Long Term Asset
     Current Liability
     Long Term Liability
     Equity account
     Revenue account
     Cost of Sales account
     Expense or other Income account

The TAcountTool displays journal entries on the balance sheet and income statement based upon the account type. You just need to select the account, for example, "Inventory" or "Wages Payable" and enter a debit or credit amount.   That's it! The TAccountTool determines where to place your entry behind the scenes.

Q.
What about charts of accounts?

A.
The TAccountTool comes with one generic chart of accounts with over 100 accounts. In most cases, these accounts will do. However, you can add, edit and delete as many accounts as you wish. You can also import/export entire charts of accounts from or to xls files.

The TAccountTool allows you to create and manage an unlimited number of general ledger accounts and completely separate charts of accounts. For each problem you create in the TAccountTool, you choose which chart of accounts to use with the problem.

Q.
How many entries can be entered per problem?

A.
No limit. You can create as many problems and as many entries within each problem as you like.

Q.
Are problems and journal entries saved or stored?

A.
Yes, every problem for which you create and save entries can be displayed, or edited, at some later date. For example, when you are at an audit client and want to re-visit, display, or print, a homework problem you remember from a class you took two years prior.

Q.
What are T Accounts?

A.
The term 'T account' is derived from its distinctive T shape. T accounts are used to represent general ledger accounts and are usually drawn on a piece of paper or a white board with the general ledger account number or name written above each T. Debit entries are recorded on the left side of the "T" and credit entries are recorded on the right side of the "T".

T Accounts allow you visualize accounting entries or business problems.

Q.
What if my problem starts with beginning balances or an opening trial balance?

A.
No problem!

Use your first entry to create the required beginning balances. The TAccountTool provides a Trial Balance view that will let you see beginning balances and the impact of each subsequent entry using any of the views.

Q.
What are the advantages of using the TAccountTool over drawing T accounts on paper or a white board?

A.
The TAccountTool:

allows you to add, insert, edit or delete entries without having to erase or re-draw.
provides four additional views beyond basic T accounts

              traditional journal entry
              trial balance
              financial statement summary T Accounts
              Balance Sheet and Income Statement

makes sure your debits and credits balance
allows you to step through your entries one at a time individually, or incrementally, using any of the views
saves all of your problems and entries for later editing, viewing or adaptation to other problems
allows you to print your entries using any of the views