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What is a Bookkeeping?

Back to Tour of Bookkeeping

Bookkeeping is the process of recording business transactions.

Any form of recording a business's income and expenditure is bookkeeping.

There are two main types of bookkeeping methods, the Single Entry system and the Double Entry system. The single entry system is usually used by very small businesses that do not have large amounts of income and expenditure and non profit making organisations such as clubs or societies. It is basically a record of what has been received and what has been paid out.

The double entry system is an internationally recognised method of recording transactions. With double entry bookkeeping, both sides of a transaction are recorded, for example if a business buys a van, the bank balance decreases but the accumulated  value of the business's vans increases by the same amount. Periodically all balances are added up and the total of all money spent should equal the value of items bought. This system is used by most businesses as it has advantages of tracking errors and omissions and also highlights outstanding accounts.

 

Wella Book Keeping Solutions holds a Practice Licence issued by

The Institute of Certified Bookkeepers and abides by the code of conduct of the institute.

To visit The Institute of Certified Bookkeepers website click on the crest opposite.

Wella Book Keeping Solutions also carries Professional Indemnity Insurance

Link to the Institute of Certified BookkeepersMember 5507

  Wella Book Keeping Solutions 2008-2009