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Bookkeeping is a task concerned with the recording of financial data relating to business operations in a significant and orderly manner. It envelopes all the procedural aspects of accounting work and embraces record-keeping function. There are different types and methods of bookkeeping which are practised in managing books of accounts.
Understanding the bookkeeping objective will helps us to understand the methods and types easily.
The single-entry and double-entry bookkeeping systems are the two methods commonly used. While each has its own advantage and disadvantage, the business has to choose the one which is most suitable for their business.
Bookkeeping Systems |
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Single Entry Bookkeeping System |
Double Entry Bookkeeping System |
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Manual methodology of Bookkeeping |
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Computerized methodology of Bookkeeping |
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