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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
"Milford Haven Port Authority receives over pounds 25m in income each year and its profits must be re-invested locally to develop the Pembrokeshire economy - rather than simply vanishing into the balance books of some faceless corporation hundreds of miles away.
"Councils in every corner of the country are facing the same pressures trying to balance books while also funding empty school places.
You've then got to develop it, learn about finances and how to balance books, about boring legal things like employment law, it's never ending.
With United and Arsenal, the rest felt they were within touching distance, chasing clubs who had to answer to shareholders, who had to balance books and recognise budgets.
However, that change in numbers is one McDonnell wants to recreate in the balance books as well as in the league tables.
He said that money cannot be used to pay for teacher salaries, amid fears that schools will have to lay off staff to balance books.
But now the bureaucrats with balance books are in charge and a new report reveals more and more GP-led commissioning groups are restricting access to IVF.
"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.
Sir Albert, whose Labour administration took over the council in May, said this was the beginning of the end for local government as the only way to balance books was by only providing services for which the council has a statutory responsibility.
(i) Consider your reasons for selling: Selling the family silver is fraught with complexities that extend well beyond the balance books. We have seen clients planning a succession involving family members who assume that their next of kin share their vision for taking the firm forward, whereas in reality their motives are monetary and they have little interest in the running of the business.
The minister is giving criteria to LEAs when considering closures by saying that they should "concentrate on those schools with 25pc or more surplus" but the most important aspect of that criteria "which are also performing badly." That is patently being ignored by those LEAs in their rush to balance books. It is certainly being ignored by Northumberland County Council.