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Process of Book Keeping
Where Book Keeping is the process of registering the monetary transactions of the business as a whole, the process of Book Keeping only covers a part of the whole Book Keeping. Nowadays, the entire work of book keeping has become computer based due to a number of reasons.
First,
The work that is done manually is not done with as much accuracy as is required in Book Keeping. Guidance from process of book keeping homework help clarifies the situation in a step by step process.
Second,
Computer files are easier to go through and correct in case of mistakes having been made. Book keeping consists of all kinds of slips and receipts coming from each transaction that is done which is further pasted in the Ledger account.
The process of Book keeping can be summed up in a series of steps which are as follows:
Step 1
Book Keeping procedures only records the complete monetary steps of transactions unlike the whole Book Keeping process which starts with the opening of an accounting book and ends with the registration of the monetary transactions and the events contributing to its course. The events in between are elaborated below. The process of book keeping assignment help manual well explains the whole idea.
Step 2
The procedure of Book Keeping involves the production of a receipt every time that a transaction occurs. This receipt acts as a proof of the transaction that occurs. Sales and Purchases are recorded in different columns respectively where the receipts received or produced act as a proof to the monetary transaction. This is very important since this proof can save the company in case some kind of corrupt practices take place in conspiracy to the company.
Step 3
Single entry book keeping and Double entry book keeping are parts of the Book keeping process. The single entry book keeping records the transactions just once whereas in the double entry book keeping records the transactions more than once.
With process of book keeping homework help, major concepts related to the topic can be clarified.
Step 4
Ledger is the ultimate step in the process of book keeping where all the transactions are summed up in utmost accuracy and held as a proof of whatever transactions have been made. Book Keeping’s ultimate result is the formation of ledger.
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