Bookkeeping

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Bookkeeping

The process of systematically and methodically recording the financial accounts and transactions of an entity.

Double-entry bookkeeping is an accounting system that requires that for every financial transaction there must be a debit and a credit. When merchandise is sold for cost, there is a debit to cash and a credit to sales.

See: accounting, computation, registration
References in periodicals archive ?
However, there is still a need to balance books at the same time.
Neat balance books and a lack of debt are admirable and responsible.
Let's get rid of Coun Whitby and the Lib Dems before thousands more lose their jobs under a council that can't add up or balance books.
When the government pumped tens of billions of pounds into the banking system earlier this year there was an expectation that once their balance books had been firmed up, they would pass on this largesse to the consumer.
That is patently being ignored by those LEAs in their rush to balance books.
Gordon tells us the economy is sound but his pre-Budget statement revealed he's to borrow pounds 10bn more than expected to balance books.
Mr McGrath added customers shouldn't have to fill the hole in the banks' balance books made by tracker mortgages.
Despite 70 per cent of hospitals, primary care trusts and other services scoring extremely well where the balance books are concerned, the actual quality patients receive on the wards is a very different story.
As the recession tightens its icy fingers around the neck of the business community, companies study their balance books with increasing trepidation.
For too long, people living in small rural and urban communities have been punished in an attempt to balance books and secure votes and it is no longer acceptable.
Managers of all departments are taking action to balance books.