INTRODUCTION OF ACCOUNTS.

ACCOUNTING IS A PROCESS OF RECORDING FINANCIAL TRANSACTION,CLASSIFYING THEM AND COMMUNICATING THE INFORMATION OF FINANCIAL RECORDS TO USERS VIZ. THE PROPRIETERS , INVESTORS , GOVERNMENT AGENCIES ,CREDITORS , E.T.C. IT IS AN IMPORTANT PART OF BUSINESS.

IT HELPS IN SUMMERISING,CLASSIFYING,COMMUNICATING AND INTERPRETING THE FINANCIAL TRANSACTIONS. IT IS A SECONDARY STAGE. IT STARTS WHEN BOOK-KEEPING ENDS. SENIOR STAFFS PERFORMS THIS FUNCTIONS.THIS JOB IS ANALYTIC AND DYNAMIC IN NATURE. THE MAIN PART OF ACCONTING IS JOURNAL ENTRY AND LEDGER. THERE ARE SOME ROLES, OBJECTIVES,MERITS AND LIMITATIONS OF ACCOUNTING. IT IS AN ART OF EDUCATION WHICH HELPS US TO READ ACCONTING EQUATIONS, JOURNAL ENTRY, LEDGER, TRIAL BALANCE, AND SO ON WHICH HELPS IN MAINTAINING THE RECORDS.

Book-keeping(the initial stage of accounting)

Book-keeping is the proper and systematic keeping or maintenance of the books of accounts. Book-keeping starts from the identification of business transactions. It is concerned with identifying financial transaction , measuring them in money terms; recording and classifying them. It is a primary stage. junior staffs perform this function. The job is derical and routine in nature. The objective of book-keeping is to maintaining systematic records of financial transactions. It is financial in nature and thus, does not require special skills.

PROCESS OF BOOK-KEEPING

• Identifying accounting transactions.
• Initial records of accounting transactions.
• Preparation of ledger accounts.
• Balancing ledger accounts.
• preparation of trial balance.
  

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SYSTEMS OF ACCOUNTING

DOUBLE ENTRY SYSTEM:

We can define Double entry system as:"the system which recognises and records both aspects of a transactions.
The Double entry system has proved to be a scientific and complete system of accounting followed by every enterprise and organisation".

SINGLE ENTRY SYSTEM:
Single entry system of recording transaction in the book of accounts may be defined as a system, which is an incomplete Double entry system.

1. In this system, all transactions are not recorded on the Double entry basis.
2. As regards, some transactions both aspects of the transactions are recorded as regards others either one aspect is recorded or not recorded at all.
3. Only Personal Accounts and Cash book are maintained under this system.
4. The accounts maintained under this system are incomplete and unsystematic and therefore, not reliable.
5. It is also known as Accounts from incomplete records.
   

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Basic Accounting concepts

• Business Entity: It means Business having their own identification. Business is a kind of artificial person , so it has separate legal entity which is known as Business Entity. Further , business having separate entity than their Proprietor.

• Money Measurement: There are many activities made inside the Business out of them some activities are Accounting as a money measurement. Therefore, accounting is concerned with Money measurement.

• Going concern: In business , how many fixed assets are are purchased at present i.e. not only for this year but also for future. So , how many fixed assets are purchased during the year it should be shifted for next year by charging depreciation for the financial report. So, Accounting is concerned with Going concern.

• Cost: The payment done for fixed assets which is used in future as well, is known as Cost.
  

• Dual aspect: Each and every financial transaction at least two accounts one must be debited and other must be credited with equal mount is known as Dual aspect.

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ONLINE SAVINGS ACCOUNT

An online savings account saves our time and money. Many times, online savings account become hard for us to save our money as we should simply because it's too easy to access. Our debit, credit cards and ATM'S are so close at hand we easily give into our wants and spend the money that we should be saving.

ONLINE SAVINGS ACCOUNT

If this scenario is familiar to us, then opening an online savings account may be of great benefit. With most online accounts, there is not a local bank or branch to run to in order to withdrawal some cash. Usually, we are given a list of local ATM's that will give us access to our funds. So, buying something on the spot is less likely to happen since we need to plan ahead to get our money out of savings.

Another perk is that the money staying in our online savings account will generally acquire a higher interest rate. This to the limited overhead required with online banking. Having an online savings account is like having a bank in our office.

ONLINE SAVINGS ACCOUNT

If we want to open an online account, we can simply do a search for online savings banks. Then,we have to make sure that they are legit: fill out an application and we're on our way. It is helpful to have a traditional checking or savings account as we need to transfer over or send a check in for our first deposit and deposits there after. The online savings account has become very popular today.

What is an Online Savings Account?

What is an Online Savings Account?

An Online Savings Account is a savings account that offers one of the highest yields available in a liquid account, access to our money with free online transfers to and from our existing external bank accounts* – and the security of FDIC insurance.

INTRODUCTION OF ONLINE SAVINGS ACCOUNT

Online savings account is the correct choice of savings account those who want to do online transaction and wanted to earn interest as higher rates and also who want that their funds should be accessed through another means. Online savings account does not have to be linked with another account and we do not have to wait that our funds will be transferred to another account because we can access our money our self.

"An online savings account is an ideal which encourage us for savings and also help to manage our money in one place from which we can access our money whenever we need".

• Minimum balance is not required.
  
• Interest will be calculated daily, and paid monthly.
• Unlimited fee free Internet transfers.
• No monthly account keeping fees.
• Can check balance online at anytime.
• Receive regular statements.
  

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ONLINE SAVINGS DIRECTORY

Online savings accounts, money market funds and banking in general are taking the banking industry by storm. Competition on the Internet is forcing banks to offer better deals for the consumer with higher interest rates. Costs are lower for banks allowing the savings to be passed on to both individuals and businesses. It is easy to find some of the best interest rates in the world using our online directory.

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ONLINE SAVINGS DIRECTORY

Online Savings Directory is a comprehensive directory for our online banking information and to also help us to find some of the best

deals in a very competitive market. If we are considering opening a savings account online we are welcome to use our easy reference directory below.

ONLINE SAVINGS DIRECTORY

Educational References:

American Savings Education Council : ASEC is a national coalition of public- and private-sector institutions committed to making saving and retirement planning a priority for all Americans. ASEC brings together public- and private-sector partners to share information on best practices and to collaborate on financial security initiatives. Federal Reserve Bank of Chicago: There is a lot that we should know about Internet banking. It can save our time, money and effort, but it's important to protect our self from potential pitfalls.

Federal Deposit Insurance Corporation : Internet offers the potential for safe, convenient new ways to shop for financial services and conduct banking business, any day, any time. However, safe banking online involves making good choices - decisions that will help us to avoid costly surprises or even scams.

Types of Savings Accounts

Many banks offer a varieties of various savings options,and mainly three kinds are offered. As we decide that which kind of account we want, we can ask our self how much money we like to save and how do we want to access that money. For that we should do a comparison shopping, paying a attention towards fees and how much interest rates are associated with every account.

Basic or regular savings accounts are mainly known as a common types of savings accounts.this types of savings accounts is simple for use.Basic or regular savings accounts are sometimes also called as 'PASSBOOK ACCOUNT' , with a few amount of money. These passbook account mainly don't require a minimum balance and will give us a facility to access the money easily whereas it may be limited to that how much can we withdraw per month without being charged a fee. This types of savings accounts also offer us a low interest rates, so if we want a higher return on our money we should also investigate another type s of savings accounts.

Money Market Accounts: With a money market account, we will receive as higher interest rate than it would with a basic savings account, but we also have to keep a higher minimum balance (the amount differs from bank to bank). we still have easy access to the funds in our account, though the number of withdrawals we can make will probably be limited. In addition, we may have the ability to write checks, but the number you are allowed to write will also probably be limited and the another types of savings accounts is CD ( certificate of deposit).

Now a days,there are various types of savings which had difficult for us to select. The type of savings accounts which will be good for us is dependent upon various factors - like, do we need instant access to our money, how far we can tie our cash up for and do we pay tax or not.

Mostly savings accounts are of five types:

• It is easy to access
• Notice account is needed
• Bonds or Term Accounts is also important
• Regular Saving Accounts
• IS As and Tax-free accounts

FIRSTLY SAVINGS ACCOUNT CAN BE CATEGORIZED AS:
Instant access or easy access accounts

This type of savings accounts provide us a instant access to our money without giving any notice,financial penalty etc. These types of savings accounts are ideal for those people who wants to save their money but access to the cash at short notice can be needed and because of flexibility of this type of savings accounts the interest rates are lower than other types of savings accounts.No notice accounts can be operated.

It is easy to check our rate at least every three months to make sure that if we are getting the best result on our savings or not.



SECONDLY SAVINGS ACCOUNT CAN BE CATEGORISED AS:
Notice accounts

Notice accounts mostly earn a good rate of interest but few amount is needed to give before drawing funds to avoid the penalty and amount of notice which we need to give depends upon the accounts which we have chosen.

Notice accounts are becoming less attractive whereas,instant access accounts have become more attractive and competitive which allows us to draw our money immediately.

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FEATURES OF ONLINE SAVINGS ACCOUNT

Penalties is not needed for withdrawal:
We can withdraw or deposit as much or as little as we like in our Savings Account without penalty.


No minimum term or deposit : Unlike some of our competitor's monthly savings products, we don't have to make a minimum deposit or deposit as regular amount every month to avail of our great rates. It's the perfect place for regular saving or depositing that lump sum amount.

Instant access to our money : At RaboDirect we have instant access to our money whenever we like. It's on demand.

Immediate interest : At RaboDirect interest is calculated daily and allocated annually. Once our account has been opened, we can watch our interest grow by clicking on 'Our Interest' within our secure site.

We're open 24/7 : Because we're an online bank, we're open for business when it suits us. we can log on whenever we like, wherever we like.

One of the worlds safest banks : RaboDirect offers the highest levels of online security in Ireland by using the Digipass. We also offer a no fraud online guarantee, and we're a Triple AAA rated bank so we know our money is in safe hands.

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HOW ONLINE SAVINGS ACCOUNT IS BENIFICIAL FOR US??

We can save our money through online savings account because if we keep that money with us than it can be spent. Online savings account will help us to utilize our unnecessary goods which are purchased and we don't want that for current use. and if we need that for future than we should know that what benefits will we get by opening that online savings account. To know more about online savings account contact: http://payal-accountsinformation.blogspot.com/2009/09/now-let-us-take-look-at-some-of-most.html

HOW ONLINE SAVINGS ACCOUNT IS BENIFICIAL FOR US??

Now, let us take a look at some of the most important benefits that we will get to enjoy as an account owner when we take advantage of the high interest rates offered by our bank for setting up an online savings account:

1. We can take advantage of high interest rates. Again, the economy is rough on almost every country these days - but despite the fact that the interest rates plummeted over the past couple of years, it still is a good financial move to open an online savings account.

As compared to other forms of saving - like placing our money in a vault or something similar where we physically store our savings - having an online savings account will allow our funds to earn over time through the still high interest rates.

2.We can easily separate our checking account from our online savings account. Despite the high interest rates of on online savings account, some individuals still fail to use it as their primary means of saving money because they do not keep a separate checking account for their expenses.

If we are serious in using the high interest rates of an online savings account to boost our rainy day funds - then keeping a separate savings account and spending account is worth the effort.

3. When we place it in an online savings account, our money is both safe and available when we need it. No matter what our long-term and short-term financial goals are, an online savings account with high interest rates is flexible enough because the funds are liquid and secure.

With all the benefits that it provides, setting up an online savings account with high interest rates is a good move with so that we can easily reach our long-term and short-term financial goals. To know more about advantages of online savings account follow this link:http://payal-accountsinformation.blogspot.com/2009/10/advantages-of-online-savings-account.html

HOW ONLINE SAVINGS ACCOUNT IS BENIFICIAL FOR US??

Banks are now bored by working in their old ways or methods. Now every banks want to do their work with new technologies and with different method like online savings account which is little bit risky but the result is also better than others.

Now for the young investors online savings account is the best and those who have never done savings activities have now started doing it for the betterment of their future. The online savings account does not have any limitation of advantages. It is limitless.

Now public can open an account with few money also and can do a much management from that savings account using their different online features.

There is the important part that to take the advantages of the fantastic interest rates which an online savings account can yield . About 5%is available using many online savings account. These accounts will give a chance to the people to make CD rates by their liquid money. And we don't have to wait for 1 year in order to invest for mature. It automatically matures every minute with an online savings account.

If we are hoping to start a savings future, we should try an online savings account.we will be satisfied with the result and the returns. For this we need a few technological knowledge, and then we will feel easy to get into online investing.

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