|
Bookkeeping (also book-keeping or book keeping) is the recording of all financial transactions undertaken by an individual or organization. The organization may be a business, a charitable organization or even a local sports club. Bookkeeping is "keeping records of what is bought, sold, owed, and owned; what money comes in, what goes out, and what is left." [1] A financial transaction is any event that involves money. A financial transaction involves a change in the status of the finances of two or more businesses or individuals. ...
For other uses, see Organization (disambiguation). ...
In economics, a business (also called firm or enterprise) is a legally recognized organizational entity designed to provide goods and/or services to consumers or corporate entities such as governments, charities or other businesses. ...
This article is about charitable organizations. ...
A sports club, athletics club or sports association is an eclectic institution oriented to multiple sports, which fields many teams and in several sports, working under the same umbrella organization. ...
Individual and family bookkeeping involves keeping track of income and expenses in a cash account record, checking account register, or savings account passbook. Individuals who borrow or lend money track how much they owe to others or are owed from others. It has been suggested that this article or section be merged with Current account (banking). ...
The passbook is the traditional document to keep track of earnings in a savings account Savings accounts are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money (by, for example, writing a cheque). ...
Bookkeeping may be performed using paper and a pen or pencil. With increasing complexity in tax regulations and to minimize calculation errors, many organizations use accounting software. Taxes redirects here. ...
This article does not cite any references or sources. ...
Two common bookkeeping methods used by businesses and other organizations are the single-entry bookkeeping system and the double-entry bookkeeping system. Single-entry bookkeeping uses only income and expense accounts, recorded primarily in a "Revenue and Expense Journal". Single-entry bookkeeping is adequate for many small businesses. Double-entry bookkeeping requires posting (recording) each transaction twice, using debits and credits.[2] This article does not cite any references or sources. ...
In accountancy, the double-entry bookkeeping (or double-entry accounting) system is the basis of the standard system used by businesses and other organizations to record financial transactions. ...
In accountancy, an account is a label used for recording and reporting a quantity of almost anything. ...
Debit and Credit are formal bookkeeping and accounting terms that have opposite meanings and come from Latin. ...
A bookkeeper (or book-keeper), sometimes called an accounting clerk in the United States, is a person who records the day-to-day financial transactions of an organization.[3] A bookkeeper is usually responsible for writing up the "daybooks." The daybooks consist of purchase, sales, receipts and payments. The bookkeeper is responsible for ensuring all transactions are recorded in the correct daybook, suppliers ledger, customer ledger and general ledger. The bookkeeper brings the books to the trial balance stage. An accountant may prepare the profit and loss statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper. In bookkeeping, the trial balance is a worksheet wherein all the balances of each ledger are entered in two columns, namely debit and credit. ...
Accountant, or Qualified Accountant, or Professional Accountant, is a certified accountancy and financial expert in the jurisdiction of many countries. ...
A profit and loss account is a financial statement that summarizes the financial transactions for a business over a period in time. ...
In financial accounting, a balance sheet or statement of financial position is a summary of a persons or organizations assets, liabilities and ownership equity on a specific date, such as the end of its financial year. ...
Single account bookkeeping Simple bookkeeping for individuals and families involves recording income, expenses and current balance in a cash record book or a checking account register.
Sample checking account register (United States, 2003)[4]
| ¤AD-Automatic Deposit ¤AP-Automatic Payment ¤ATM-Teller Machine ¤DC-Debit Card | NUMBER
OR CODE | DATE | TRANSACTION DESCRIPTION | PAYMENT AMOUNT | / | FEE | DEPOSIT AMOUNT | BALANCE | | | balance forward | | | | | | | 1331 | 85 | | AD | 3/15 | paycheck | | | | | 1823 | 56 | 3155 | 41 | | AP | 3/26 | electricity | 104 | 31 | | | | | 3051 | 10 | | 704 | 3/26 | car registration | 58 | 50 | | | | | 2992 | 60 | | ATM | 3/30 | cash withdrawal | 100 | 00 | | 1.00 | | | 2891 | 60 | | DC | 4/2 | groceries | 127 | 35 | | | | | 2764 | 25 |
Single-entry bookkeeping The primary bookkeeping record in single-entry bookkeeping is the Revenue and Expense Journal, which is similar to a checking account register but allocates the income and expenses to various income and expense accounts. Separate account records are maintained for petty cash, accounts payable and receivable, and other relevant transactions such as inventory and travel expenses. Inventory is a list of goods and materials, or those goods and materials themselves, held available in stock by a business. ...
Sample revenue and expense journal for single-entry bookkeeping[5]
| No. | Date | Description | Revenue | Expense | Sales | Sales Tax | Services | Inventory | Advert. | Freight | Office Suppl | Misc | | 7/13 | Balance forward | 1,826.00 | 835.00 | 1,218.00 | 98.00 | 510.00 | 295.00 | 245.00 | 150.00 | 83.50 | 61.50 | | 1041 | 7/13 | Printer- Advert flyers | | 450.00 | | | | | 450.00 | | | | | 1042 | 7/13 | Wholesaler - inventory | | 380.00 | | | | 380.00 | | | | | 1043 | 7/16 | office supplies | | 92.50 | | | | | | | 92.50 | | | -- | 7/17 | bank deposit | 1,232.00 | | | | | | | | | | | - Taxable sales | | | 400.00 | 32.00 | | | | | | | | | - Out-of-state sales | | | 165.00 | | | | | | | | | - Resales | | | 370.00 | | | | | | | | | | - Service sales | | | | | 265.00 | | | | | | bank | 7/19 | bank charge | | 23.40 | | | | | | | | 23.40 | | 1044 | 7/19 | petty cash | | 100.00 | | | | | | | | 100.00 | | | TOTALS | 3058.00 | 1,880.90 | 2,153.00 | 130.00 | 775.00 | 675.00 | 695.00 | 150.00 | 176.00 | 184.90 |
Double-entry bookkeeping -
In accountancy, the double-entry bookkeeping (or double-entry accounting) system is the basis of the standard system used by businesses and other organizations to record financial transactions. ...
Footing Footing and Cross-footing are bookkeeping terms for summing a table of numbers by column and by row, respectively. In British English, the terms casting and cross-casting are used. British English (BrE, BE, en-GB) is the broad term used to distinguish the forms of the English language used in the United Kingdom from forms used elsewhere in the Anglophone world. ...
Computerised bookkeeping Computerised bookkeeping removes many of the "books" that are used to record transactions and usually enforces double entry bookkeeping. Computer software increases the speed at which bookkeeping can be performed. In accountancy, the double-entry bookkeeping (or double-entry accounting) system is the basis of the standard system used by businesses and other organizations to record financial transactions. ...
Online bookkeeping Online bookkeeping allows source documents and data to reside in web-based applications which allow remote access for bookkeepers and accountants. Typically, a company scans its business documents and uploads them to a secure location or into an online bookkeeping application on a regular basis. This allows the bookkeeper to work remotely with these documents to update the books. Users of this technology include - mobile employees scanning and sending in their receipts and bills while on the road to get reimbursed more quickly.
- organizations with multiple offices centralizing their accounting department and having the documents sent to this location online.
Notes and references - ^ Fields, Louis W. (1990). Bookkeeping Made Simple, Revised Edition. Doubleday, 9-10. ISBN 0385238827.
- ^ Pinson, Linda; Jerry Jinnett (1993). Keeping the Books, Second Edition. Upstart Publishing Company, Inc., 10. ISBN 0936894474.
- ^ Williams, Jan R.; Susan F. Haka, Mark S. Bettner, Joseph V. Carcello (2008). Financial & Managerial Accounting. McGraw-Hill Irwin, p.26. ISBN 9780072996500.
- ^ Illustration based on transaction register provided with personal checks from http://www.deluxe.com in 2003.
- ^ Pinson, p.25.
|
Feeds |
Contact