Bookkeeping without QuickBooks Bookkeeping without QuickBooks is possible to accomplish bookkeeping tasks without relying on QuickBooks or any other accounting software.. While QuickBook is a popular and widely used tool for bookkeeping and accounting, it is not the only option available. Here are some alternatives to QuickBooks for manual bookkeeping: 1. Spreadsheets: You can… Read More »
Book Keeping Book keeping is a subset of accounting and refers to the process of recording and organizing financial transactions of a business. It involves systematically recording the financial activities such as sales, purchases, receipts, and payments in appropriate books or electronic records. Accounting, on the other hand, encompasses a broader set of activities… Read More »
Daybook Accounting Website Link Daybook Accounting: In accounting, a daybook (also known as a journal) is a primary record where daily transactions are initially recorded. It serves as the first step in systematically documenting accounting transactions. The daybook serves as the initial recording location for transactions before they are transferred to the general ledger… Read More »
Journal Entry for Interest Paid The journal entry for interest paid depends on the type of transaction and the accounting method used by the company. Generally, when a company pays interest on a loan or a debt. The following journal entry is recorded: Debit Interest Expense (Income Statement) Credit: Cash/Bank (Balance Sheet) The “Debit” entry… Read More »
Cash book and ledger Website link A cash book and ledger are both important accounting tools used to keep track of financial transactions, but they serve different purposes. A cash book is a record of all cash transactions that occur within a business, including cash inflows and outflows. It is used to record and reconcile… Read More »
What is invoicing Invoicing refers to the process of creating and sending a document that requests payment for goods or services that have been provided. An invoice usually contains information such as the seller’s name and address, buyer’s name and address, a description of the goods or services provided, and other relevant details such as… Read More »
Bookkeeping for Financial Management Bookkeeping for Financial Management services that help businesses keep track of their financial transactions and ensure their financial records are accurate and up-to-date. Here is an overview of bookkeeping and accounting services for businesses: 1. Bookkeeping: Bookkeeping involves the day-to-day recording and organizing of financial transactions such as sales, purchases,… Read More »