Meaning and definition of bookkeeping

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meaning and definition of bookkeeping

Bookkeeping: Meaning, Objectives and Importance of Bookkeeping

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'bookkeeper. Send us feedback. See more words from the same year. More Definitions for bookkeeper. See the full definition for bookkeeper in the English Language Learners Dictionary. Rhyming Dictionary: Words that rhyme with bookkeeper. Spanish Central: Translation of bookkeeper.
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book keeping and accounts intro part 1

Bookkeeping

In other words, bookkeeping is the means by which data is entered into an accounting system. This can either be done manually on a physical ledger pad or electronically in an accounting program like Quickbooks. Bookkeepers often times has to exercise analytical skills and judgment calls when recording business events since source for most accounting information in the system. A good example of business event that requires analytical skills is trade in of a vehicle. The bookkeeper must review the transaction and determine how much the old vehicle trade in value was and the price paid for the new vehicle.

Discover the meaning of common bookkeeping terms, words and phrases from this quick A - Z style guide. Back to Alphabet Menu. The place where financial entries of a similar nature are recorded, for example the 'Sales' account is where business income goes, the 'Stationery' account is where all pens, paper, staplers etc go. A list of account names is called the Chart of Accounts. The process of sorting and entering financial data into a bookkeeping system. Also refers to the finalizing of end of year accounts, producing financial statements and calculating tax payable by a certified practicing accountant. The person who sorts and enters financial data to a bookkeeping system.

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We often use the terms accounting and bookkeeping interchangeably. However, bookkeeping is actually just one part of the accounting process which deals with the recording of the transactions. So let us learn about book-keeping and its differences with accounting.

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as "real" bookkeeping, any process for recording financial transactions is a bookkeeping process. Bookkeeping is the work of a bookkeeper or book-keeper , who records the day-to-day financial transactions of a business. They usually write the daybooks which contain records of sales, purchases, receipts, and payments , and document each financial transaction, whether cash or credit, into the correct daybook—that is, petty cash book, suppliers ledger, customer ledger, etc. Thereafter, an accountant can create financial reports from the information recorded by the bookkeeper. Bookkeeping refers mainly to the record-keeping aspects of financial accounting, and involves preparing source documents for all transactions, operations, and other events of a business.

Add bookkeeping to one of your lists below, or create a new one. Sitting on the fence and turning a corner Everyday idioms in newspapers. Cambridge Dictionary Plus My profile How to Log out. Definitions Clear explanations of natural written and spoken English.

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