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English (United Kingdom) What is a bookkeeping system?
While today's bookkeeping system is mostly electronic and some tasks can be automated. A bookkeeping or accounting system does not start and end with accounting software.
What is an accounting period
An accounting period is a business's trading time between the successive closings of the books. This is normally a month, three months (a quarter), or a year (a financial year or a calendar year) depending on the management reporting schedule and/or budgets, the income tax year or other regulatory reporting needs.
The Accounting Cycle
The total set of accounting procedures that must be carried out during each accounting period.
Chart of Accounts
The chart of accounts is the backbone of any accounting system. It is a listing of all the accounts in the general ledger.
Why are they called Subsidiary Journals?
While the earliest recorded evidence of accounting goes back 7000 years to Mesopotamia - we can thank the Italian banking centers of Genoa, Florence and Venice in the 14th century for the version of double entry bookkeeping we use today.
Reconcile, Reconcile, Reconcile
Bookkeeping is the continually process of checking and reconciling the data to ensure it is fair and correct so that you can rely on any reports produced from the accounting system.
Implement a reporting schedule
Every business has different reporting needs. Exactly what reports are needed will be determined by the business's budgets, owners needs and any statutory reporting requirements.
What is an Audit Trail?
A good accounting system should by nature produce a clear audit trail for all documents and records that a third party could follow on inspection of the books.
Record Storage and Retrieval
Lets face it , we all hate filing. But it is an integral part of your accounting system. Your filing system is only as good as the amount of time it takes you to retrieve an item should you need it.