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Glossary of Common Bookkeeping Terms

This is a list of common basic bookkeeping terms with  a simplified meaning


A professional person, who analyses and communicates financial information to business owners and business decision makers


Something that that is owned by the business that can be assigned a monetary value


A common name used for The Books of Accounts

Balance Sheet

A financial statement listing the Assets and Liabilities of a business at certain date and how they are financed


A professional person, who collates and records financial transactions and information, compiles and produces financial reports and statements

Books of Accounts

The collection of ledgers and books that contain the financial records of a business. Also referred to as The Books  or Accounts




Someone your business owes money to

Someone who owes your business money

An obligation owed by the business


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 2008-2014