Bookkeeping
From Wikicpa
Bookkeeping is the recording of all financial transactions undertaken by a business (or an individual). A bookkeeper is a person who keeps the books of an organisation. The organisation might be a business, a charity or a local sports club. We recognise single entry bookkeeping and double-entry bookkeeping (also known as the double-entry accounting system).
The system most commonly used in bookkeeping is the double-entry accounting system. A bookkeeper is usually responible for writing up the daybooks. The daybooks consist of purchase, sales, receipts and payments. The bookkeeper is repsonsible for ensuring that all transactions are recorded in the correct daybook, suppliers ledger, customer ledger and general ledger. The bookkeeper will bring the books to the trial balance stage for an accountant. The financial accountant will prepare the profit and loss statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
Bookkeeping can consist of simply listing payments on a page e.g. recording deposits received from people (single entry bookkeeping)
