BookKeeping Assignment Help
Bookkeeping involves recording all the financial transactions of the company. It is one of the branches of accounting. It keeps and classifies the financial records of the company in a structured format. Be it an individual or business entity, we all do financial transactions, recording those transactions means bookkeeping. Students who study accounting also study bookkeeping rules. They get to do bookkeeping assignments in that semester. Students need to have a professional bent of mind to do these assignments. BookMyEssay provides academic writing guidance. Bookkeeping Assignment Help can be obtained from BookMyEssay as their Assignment Help Desk is open 24 * 7.
With proper bookkeeping, organizations can track their transactions and profits and make decisions regarding operations, investments, and finances. It is a skill of summarizing, classifying, recording, and recognizing the monetary transactions of the company logically.
Bookkeeping is the subset of accounting. It does not involve analyzing part, the accounting process is the successor of bookkeeping. Once the bookkeeper is done with work, the accountant takes over the work.
An employee of an organization who looks after the financial transactions of the company. They keep records of sales, purchases, payments, etc. The bookkeeper records transactions in the correct book that is the petty cash book, customer ledger, general ledger, etc. Without the bookkeeper, the company would be oblivious of the transactions going on in the company. The bookkeeper forwards the data to the accountant who analyses the financial Accounting data written in the book.The Term Bookkeeping has Various Meaning for Various People :
- Some find bookkeeping similar to accounting.
- Some just look at it as recording transactions and transferring them to accounts ledger. Once transferring is done, bookkeeping work is complete.
- Bookkeeping in big companies is absent as they keep records of transactions by keeping the invoice, receipts, notes, etc.
Types of Bookkeeping
The organizations use two types of bookkeeping systems, one is single entry and the other is double entry. Single entry system, records transactions in a single way that is as an income or expense. The double-entry system makes entries of the transactions as credit and debit. This makes double entries and shows the true face of the transactions.
- Single Entry System: In this system, the bookkeeper makes a single entry of the transactions. This type of bookkeeping is best for small businesses. It records every transaction only one time that is as revenue or expense.
- Double Entry System: What happens in this system is, each transaction affects a couple of ledgers. Each business transaction has got an exchange of a thing with another, this double-entry system is used to self reflect this two-way system. It is a self-balancing system because it has got both debits and credits.
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With the advent of computers, everything is now computerized starting from banking, ticketing, administration's at offices, record keeping. So, why will Bookkeeping be left behind? Bookkeeping is computerized, thus getting rid of paperwork. Instead of recording financial transactions in the book, entry by entry, a relational database is used in the computer using the rules of Bookkeeping and the two systems of bookkeeping. Certified Public Accountants keep a close watch on these computerized Bookkeeping systems to make them error-free.
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Plus Points of Bookkeeping
- The records of Bookkeeping are very helpful when they have to be presented as evidence in a court of law.
- While computing tax, these records help in providing all the records. Thus you don't have to worry at all while tax calculation.
- These records help in controlling the waste expenses of the company. Thus, moving these expenses towards the profit of the company.
- This record-keeping makes you an aware owner who cannot be cheated by the employee.
- Bookkeeping keeps a record of the salary or wages of the employee of the company. It keeps a check that the employees are neither overpaid nor underpaid. It makes sure that the employees are paid on time.
- The comparison between actual results and projected results is done with the help of Bookkeeping. It gives the financial comparison. These comparisons are important to make business decisions.
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