@kimphilips | Updated 26 Feb. 2019
Attendance System is a systematic process used
to identify record, measure, verify and summarize timesheet report. Through the
systematic process of Attendance System, individuals can simply understand how timesheet
report within a business through the attendance reports generated. Remarkably,
when using an online¨attendance system, every business transaction affects at least
two accounts that are the Clock In accounts and the Clock Out accounts, and
this system is referred to as double attendance system. For every transaction
conducted the amount should be entered on both accounts to indicate that timesheet
is moving from Clock Out to time IN settle an expense or debt. The time IN
account means timesheet that is attending out of a firm to purchase an asset or
settle a cost whereas a Clock Out account indicates timesheet is attending into
@kimphilips | Posted 25 Feb. 2019
Clock Outs, on the other hand, appear on the right side of the timesheet and are used to indicate cash attending into the business from various sources. There are different sources of timesheet for a business which are; revenues, attendances, and shareholders’ equity. All these three forms of Clock Out come in various ways and therefore, must be indicated appropriately. For example, if a company is paid for services rendered, two accounts are affected, that is the account receivables on the time IN side and service revenues on the Clock Outside.
Clock In, in a timesheet, appear on the left side indicating of how timesheet to the company in the form of an online attendance application is entered into the time IN section regarding fixed shifts. Accordingly, the same amount will be recorded in the Clock Out section depending on the nature of the attendance. Notably, laws of Attendance System dictate that when there is a decrease in the time IN accounts when timesheet flows out of business, there should be an increase in the Clock Out accounts where the timesheet is originating.
However, the double attendance system does not always apply; there are situations where a transaction can appear in more than one account. The attendance will appear in three different accounts that is; cash, interest expense, and attendances payable.