What Is Book Keeping?

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business.[1] Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation. 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.—and the general ledger. Thereafter, an accountant can create financial reports from the information recorded by the bookkeeper.

Book-Keeping Tasks

The persons responsible for bookkeeping foe a bussiness would record all transactions that are related,including but not limited too.

  • Expense payments to suppliers.
  • Customers paymentsnfor invoices.
  • Monitoring assets depreciation
  • Generating finanacial reports
  • Loan Payments