What is bookkeeping?
Bookkeeping involves the recording, storing and retrieving of financial transactions for a company.
Financial transactions involved in bookkeeping include:
- Billing for goods sold or services provided to clients.
- Recording receipts from customers.
- Verifying and recording invoices from suppliers.
- Recording accounts payable
- Issuing payment to vendors
- Processing payroll for employees
- Monitoring accounts receivable
- Collections of accounts receivable
- Recording fix assets
- Recording depreciation for all assets
- Recording journal entries and adjusting entries
- Bank reconciliation
- Generating financial reports for shareholders and CPA
- The Purpose of Bookkeeping
- The Balance Sheet
- The Income Statement
- Analyzing Transactions
- The Journal and the Ledger
- Preparation of Financial Statements
- Adjusting Entries
- Preparation of Closing Entries
- Revisiting the Accounting Cycle
- Post Closing Entries and Trial Balance
- Practicing the Steps in the Accounting Cycle
- Merchandise Inventory
- Closing the Books
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