Bookkeeping is simply the systematic recording of all financial transactions that a business or individual makes and encounters. This means all sales, purchases, receipts, payments made
* Bookkeeping involves the recording, storing and retrieving of financial transactions for a company
* Common financial transactions and tasks that are involved in bookkeeping include:
* Billing for goods sold or services provided to clients.
* Recording receipts from customers.
* Verifying and recording invoices from suppliers.
* Paying suppliers.
* Processing employees' pay and the related governmental reports.
* Monitoring individual accounts receivable.
* Recording depreciation and other adjusting entries.
* Providing financial reports.
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