What is Bookkeeping?
Why it is necessary to explain because most people confuse Bookkeeping with Accounting and other consider Bookkeeping and Accounting are the same. They are not same as we think.
When you record all daily cash payments and cash receipts in a single Book or different Books, this initial recording of financial events is called Bookkeeping.
What are the Types of Bookkeeping?
There are two types of Bookkeeping.
1- Single Entry Bookkeeping
2- Double Entry Bookkeeping
Single Entry Bookkeeping
The Single Entry Bookkeeping consists of recording financial events in a single line without considering its effects on other accounts.
Double Entry Bookkeeping
The Double Entry Bookkeeping is the basis of modern-day accounting and finance. It records two effects of any financial event. You have to consider one account as Debit and another as Credit with the same amount.
What is the difference between a Bookkeeper and an Accountant?
Most of the people are mixing these two terms which are based on Accounting Cycle activities.
A Bookkeeper records transactions post them to respective ledgers and prepare Trial Balance.
An Accountant takes this process to the next level by entering Adjusting Entries and Preparing Financial Statements (Income Statement, Balance Sheet and Cash Flow Statement).
What is Virtual Bookkeeping Service?
Large Organizations hire full-time Bookkeepers to record their transactions daily. Nowadays, companies are using Bookkeeping services from individuals or firms online to save time and cost. The bookkeeper has to take data from business online and directions on a video call or voice call. This service is called Virtual Bookkeeping service.
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