Coming Soon
Subscription Marketplace - Buy and sell subscription products and services
748 views
in Articles by
Most people probably think of bookkeeping and accounting as the same thing, but bookkeeping is really one function of accounting, while accounting encompasses many functions involved in managing the financial affairs of a business. Accountants prepare reports based, in part, on the work of bookkeepers.

Bookkeepers perform all manner of record-keeping tasks. Some of them include the following:

-They prepare what are referred to as source documents for all the operations of a business - the buying, selling, transferring, paying and collecting. The documents include papers such as purchase orders, invoices, credit card slips, time cards, time sheets and expense reports. Bookkeepers also determine and enter in the source documents what are called the financial effects of the transactions and other business events. Those include paying the employees, making sales, borrowing money or buying products or raw materials for production.

-Bookkeepers also make entries of the financial effects into journals and accounts. These are two different things. A journal is the record of transactions in chronological order. An accounts is a separate record, or page for each asset and each liability. One transaction can affect several accounts.

-Bookkeepers prepare reports at the end of specific period of time, such as daily, weekly, monthly, quarterly or annually. To do this, all the accounts need to be up to date. Inventory records must be updated and the reports checked and double-checked to ensure that they're as error-free as possible.

-The bookkeepers also compile complete listings of all accounts. This is called the adjusted trial balance. While a small business may have a hundred or so accounts, very large businesses can have more than 10,000 accounts.

-The final step is for the bookkeeper to close the books, which means bringing all the bookkeeping for a fiscal year to a close and summarized.

Please log in or register to reply to this topic.

Related topics

0 replies 713 views
posted in Articles by GrizzlyFlash
0 replies 3,570 views
posted in Articles by Octopixy
0 replies 1,059 views
posted in Articles by HairyMagpie
0 replies 1,085 views
posted in Articles by ShowDolphin
0 replies 714 views
posted in Articles by VoyageHooper
0 replies 1,029 views
posted in Articles by FrighteningTwinkles
0 replies 769 views
posted in Articles by Wallaby
0 replies 711 views
posted in Articles by Falconjurer
0 replies 681 views
posted in Articles by Emufasa
0 replies 722 views
posted in Articles by Celestiger
0 replies 738 views
posted in Articles by PositiveVoid
0 replies 669 views
posted in Articles by OpinionOwl
0 replies 751 views
posted in Articles by TrustyKitty
0 replies 719 views
posted in Articles by SleepyFledgling
0 replies 779 views
posted in Articles by GroundHurricane
0 replies 677 views
posted in Articles by SwiftHeroine
0 replies 685 views
posted in Articles by Sumogre
0 replies 712 views
posted in Articles by Mosquiche
0 replies 669 views
posted in Articles by Tabooccaneer
0 replies 1,036 views
posted in Articles by Sassassin
0 replies 962 views
posted in Articles by GamerAlpaca
0 replies 761 views
posted in Articles by MysteryWasp
0 replies 865 views
posted in Articles by GreedySmile
0 replies 713 views
posted in Articles by BumblingBee
0 replies 613 views
posted in Articles by Herogue
0 replies 638 views
posted in Articles by Dingopher
0 replies 546 views
posted in Articles by Butcherry
0 replies 577 views
posted in Articles by PlaySeal
0 replies 555 views
posted in Articles by ForceSoldier
0 replies 548 views
posted in Articles by UncleRhino
0 replies 639 views
posted in Articles by HairySeahorse
0 replies 1,031 views
posted in Articles by MagicalCyborg
0 replies 712 views
posted in Articles by HarshThunder
0 replies 664 views
posted in Articles by Knighthawk
0 replies 560 views
posted in Articles by Scorpeon
0 replies 628 views
posted in Articles by Knighttime
0 replies 586 views
posted in Articles by Octopuppy
0 replies 556 views
posted in Articles by SilkPredator
0 replies 557 views
posted in Articles by nicejone
0 replies 597 views
posted in Articles by Finderpros
0 replies 704 views
posted in Articles by LovableStorm
0 replies 686 views
posted in Articles by GiftedWrecker
0 replies 642 views
posted in Articles by AmazingKitty
0 replies 669 views
posted in Articles by Amigod
0 replies 1,131 views
posted in Articles by Cybora
Connect with us:
...