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Post Info TOPIC: Basics And Types Of Business Bookkeeping


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Basics And Types Of Business Bookkeeping


Small Business Bookkeeping Basics

Fine bookkeeping routines help you make smarter business choices, spot chances early on and head off problems before they become uncontrollable. Practices of good bookkeeping also certify that youre on top of issues like insurance payments and tax that can get otherwise huge businesses into trouble.

Basics For << embedded link removed >>

    Determine which categories of revenue and expenses to track

    Create a system to easily organize bookkeeping information

    Schedule time each day or week for bookkeeping

    Use bookkeeping to make informed decisions and paint a solid financial picture

Types of Bookkeeping Systems

It is vital to researching and learning the categories of bookkeeping systems for organizing which one to take on and use in maintaining the accounts of business transactions. By investigating the different types of bookkeeping systems, you will be capable to conclude the most appropriate to the business or client that you deal with.

<< embedded link removed >> systems are of two types that used in recording business transactions:

Ø  Single-entry bookkeeping system

Ø  Double-entry bookkeeping system

Single-Entry Bookkeeping System:

Single-Entry Bookkeeping System is normally used for small businesses with very small or minimal transactions. Single-entry is frequently assigned to as trouble-free, practical and casual way of recording. Usually, it only maintains a record of cash receipts, cash payment, sales, and purchases.

In a single-entry bookkeeping method, the records or books are maintained in a daily summary of cash receipts, in addition to a monthly summary of cash receipts and disbursements, which signifies the revenue and expense, respectively. 

Double-Entry Bookkeeping System:

Double-Entry Bookkeeping System is the basic method of documentation keeping normally utilized by most businesses, accountants, and bookkeepers. This entry system uses the easy accounting equation Assets=Liabilities+Capital. One of the major principles at the back of the double entry system is the two-fold effect. The two-fold effect describes that for every price received (debit), there must be a worth given up (credit). It is essential that an accountant has the skill required to conclude which elements are affected by a business transaction, and the effects of the transaction on said basics.   



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Why are you telling accounting professionals this?

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



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Types Of Business Bookkeeping

1. Manual Bookkeeping: Manual bookkeeping is the paper-based and traditional way of bookkeeping.

2.Computerized Bookkeeping: Computerized bookkeeping is the new and innovative way of recording business transactions.



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Master Book-keeper

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Isabella wrote:

Types Of Business Bookkeeping

1. Manual Bookkeeping: Manual bookkeeping is the paper-based and traditional way of bookkeeping.

2.Computerized Bookkeeping: Computerized bookkeeping is the new and innovative way of recording business transactions.


 What is your point?



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Joanne  

 

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Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

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Shamus wrote:

Why are you telling accounting professionals this?


 

So they can get free seo.    Inappropriate may that be with being as far south in the world as you can get (almost).



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Joanne  

 

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Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



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I like the idea that computerised bookkeeping is "new and innovative" - technically, it arguably is, but given how long it has been around, it's probably older than many people who read this site.

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Vince M Hudd - Soft Rock Software

(I only came here looking for fellow apiarists...)



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VinceH wrote:

I like the idea that computerised bookkeeping is "new and innovative" - technically, it arguably is, but given how long it has been around, it's probably older than many people who read this site.


Ah, 'computerised' has been around for a long time, maybe its the 'computerized' type that is new and innovative!! 

 

 



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Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Forum Moderator & Expert

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Isabella wrote:

Types Of Business Bookkeeping

1. Manual Bookkeeping: Manual bookkeeping is the paper-based and traditional way of bookkeeping.

2.Computerized Bookkeeping: Computerized bookkeeping is the new and innovative way of recording business transactions.


 This one comes from Sage Peachtree 2011 complete accounting 2011



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

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Ah Peachtree - the best software in the world - NOT!!!!

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Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 

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