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What Is Bookkeeping – Let’s Get an Overview
Bookkeeping is often confused by people as accounting. Well, both are distinct entities. Furthermore, few people assume bookkeeping to be limited to record transactions and then transferring the amounts to the ledger, the bookkeeping ending at this step. Also there is a misconception that there is no existence of bookkeeping at mid-level or large sized corporations.
Bookkeeping is not accounting but is a part or a component of it. Basically bookkeeping can be defined as the transactions recording, classifying and then summarizing them. Analysis part is not under the bookkeeping domain. Think of bookkeeping as maintenance of records of various financial activities of any business, corporation or an individual.
The main objective of bookkeeping is to simply record and organize along with the summarizing of financial transactions into a more usable form that conveniently provides the financial information about that entity.
Process of Bookkeeping
In general the process of bookkeeping includes:
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Identification – This refers to the identifying of the transaction as to whether it is a monetary event or not. Transactions that can be presented or validated in quantitative terms are the only ones that are considered by accounting and bookkeeping. The transaction is documented or transferred to the accounts book once it is identified as the requirements.
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Recording – After the identification of the transaction has been established it is recorded in the accounts book or journal book. The cash book, sales book and purchase book are also treated as primary books apart from the journal book and the recording can be done in them as well. The subsidiary books comprise of petty cash book, creditor’s book, debtors’ book, etc.
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Classification – The next step after the recording of transaction has been done is the classification. The transactions that are related to one account have to be put under that account. This way the amount is classified based on the transactions and account heads.
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Preparation of Trial Balance – The next step is preparation of the trial balance in order to total the debit and credit amounts. The total of credit and debit amounts must match in order to maintain the accuracy.
This process of bookkeeping is essential for writing an impressive assignment. But students can get overwhelmed by this concept and look for assignment help online. The bookkeeping assignment writing experts at My assignment help can provide proficient help for providing you with top notch bookkeeping assignment help services.
Types of Bookkeeping Systems
There are primarily two types of bookkeeping systems. The business or corporation selects and adopts one of them on the basis of their compatibility. The bookkeeping assignment writing experts at My assignment help are knowledgeable about these systems and can provide bookkeeping assignment help in these concepts.
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Single Entry System:
This system records only one aspect of the transaction done. This type of system is usually used by small scale businesses. They prepare Revenue and Expense Account in this type of entry system. This is like half information but is still used by the accountants to prepare the financial systems.
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Double Entry System:
This type of system records both the aspects of the transaction. For each transaction invariably two accounts are affected at the most and these effects are recorded. This leads to an equal debit and credit which helps in matching the total of debit and credit amounts at the end. This method is widely followed due to its reliability and the fact that recording of the effects is done more precisely. This system can actually be followed by any scale business irrespective of the size. This system is expensive than the single entry system but its reliability makes it the most popular system used by the businesses.
What Are the Advantages of Bookkeeping?
Students enrolled in bookkeeping courses in university may often wonder the use or advantages of bookkeeping in real life. Well, the first point to know is that bookkeeping forms the basic tool for any business. For any business to be successful it is important for it to maintain a proper record on books. Lets understand the various advantages of bookkeeping:
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Helps in financial comparisons between the projected results and the actual results.
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Aids in monitoring the budget and not repeating the past mistakes and staying on track.
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Assists in tax deductions calculations by representing the proper record of all the accounts.
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Helps in calculations of employee salaries, payroll or wages.
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Maintains the proper record of all transactions.
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Acts as an evidence in the court in case any person sues the company or the company sues a person.
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