Bookkeeping and Accounting

A record keeping of and organization’s financial transactions and giving precise organized accounts, on a daily basis is known to be as Bookkeeping. Bookkeeping in accounting goes hand-in-hand with the commerce sector. It is very useful for large organizations to keep a track of their expenditures and its investments into account for better management of the funds of the company. Bookkeeping is thus, an integral part of accounting.

There are different types of bookkeeping in Accounting:

Single-entry bookkeeping is done to track incoming revenue and outgoing expenses. This style of bookkeeping is done by recording one entry for each of the transactions made within a predefined time period.
Double-entry bookkeeping system is done by recording by recording the firm’s debits and credits. In this system, the total credits must always match the total debit. When making a sale for price A, your credit account will show this Price A as well as your debit account for the same price. This bookkeeping is useful for large businesses, public businesses or for buys and sells on credit type businesses.
Cash based or Accrual-based bookkeeping requires the mention of time in its accounting system. Cash-based revenue will be recognized as transaction in your record keeping account books. Purchases done on credit will not be recorded. This works well with single- entry bookkeeping. In the Accrual method, sales and purchases made on credit will appear on your record books. These revenues are recorded when they are incurred with corresponding revenues. This works better with double-entry system.

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