Bookkeeping

Posted by Navoda at 8:07 PM

What is Bookkeeping?


 It involves the recording, storing and interpreting all the financial transactions for a company, organization or an individual.


Common financial transactions that are involved in bookkeeping include:
  • Recording receipts from customers.
  • Billing for goods sold or services provided to clients.
  • Verifying and recording invoices from suppliers.
  • Paying suppliers.
  • Processing employees' pay and the related governmental reports.
  • Monitoring individual accounts receivable.
  • Recording depreciation and other adjusting entries.
  • Storing for future use.
  • Providing financial reports.
Bookkeeping requires knowledge of debits and credits and a basic understanding of financial accounting, which includes the balance sheet and income statement.
 
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5 comments:

  1. Easier AccountingMarch 5, 2019 at 6:29 PM

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    Bookkeeping is the systematic recording and organising of financial transactions in a company.
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