Content
I talk more about how to use the bookkeeping system for tracking sales, discounts, and returns in Chapter 9, where you can also find exercises to practice using your bookkeeping system. You also need to carefully control who has the ability to accept cash receipts and who has the ability to disburse your business’s cash. Separating duties appropriately helps you protect your business’s assets from error, theft, and fraud. I talk more about controlling your cash and protecting your financial records in Chapter 7. Like most businesspeople, you probably have great ideas for running your own business and just want to get started.
This book acts as a bridge between bookkeeping knowledge and bookkeeping functions in a job. If you want to be hired for a bookkeeping job, read this book, apply its lessons, and the job will become much easier for you. But this book is not a textbook, and you will be disappointed if you want that sort of complete detail of every concept. So read this book once you are thorough with all the bookkeeping concepts. As per the readers, this book is also not for advanced bookkeepers. It’s for those who have knowledge in bookkeeping and who are at a beginner or intermediate level.
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While getting her MBA, Lita worked as a teaching assistant for the financial accounting department and ran the accounting lab. After completing her MBA, she managed finances for a small nonprofit organization and for the facilities management section of a large medical clinic. She designs and teaches online courses on topics such as investing for retirement, getting ready for tax time and finance and investing for women. She’s written over 20 books including Reading Financial Reports For Dummies and Trading For Dummies.
- This book is also very comprehensive, keeping in mind the average reader.
- I talk more about how to use your bookkeeping system to manage inventory in Chapter 8.
- In true For Dummies style, this guide cuts through the thick forest of financial jargon to turn abstract concepts into understandable English.
- Bookkeepers are the ones who toil day in and day out to ensure that transactions are accurately recorded.
- Packed with the most up-to-date bookkeeping practices, tax information, and small-business laws, Bookkeeping For Dummies is an accessible, invaluable resource you’ll turn to again and again.
UK bookkeeping and accounting basics for the rest of us Unless you’re one of those rare numbers people, the thought of accounting and bookkeeping probably make your head spin. Warning_bomb.eps Accurate financial reports are the only way you can know how your business is doing. These reports are developed by using the information you, as the bookkeeper, enter into your accounting system. If that information isn’t accurate, your financial reports are meaningless. You need to know where exactly those transactions fit into the larger bookkeeping system.
Financial Shenanigans, Fourth Edition: How to Detect Accounting Gimmicks and Fraud in Financial Reports
Lenders usually look for current ratios of 1.2 to 2, so any financial institution would consider this example’s current ratio of 2.36 to be a good sign. A current ratio of under 1 is considered a danger sign because it indicates that the company doesn’t have enough cash to pay its current bills. Bookkeepers are generally entrusted with keeping the Chart of Accounts, the General Ledger, and the company journals, which give details about all financial transactions. Many non-profits don’t have the funds to hire a trained bookkeeper to care for their books. This book will save you cost and teach you how you can take care of your books in your spare time. If you want to learn “bookkeeping for nonprofits,” this book should be the first book you should read.
General LedgerA general ledger is an accounting record that compiles every financial transaction of a firm to provide accurate entries for financial statements. The double-entry bookkeeping requires the balance sheet to ensure that the sum of its debit side is equal to the credit side total. A general ledger helps to achieve this goal by compiling journal entries and allowing accounting calculations. All your business’s financial transactions construction bookkeeping are summarized in the General Ledger, and journals keep track of the tiniest details of each transaction. You can make your information gathering more effective by using a computerized accounting system, which gives you access to your financial information in many different formats. Controlling who enters this financial information into your books and who can access it afterward is smart business and involves critical planning on your part.
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The final 20 pages are articulated to test the readers on the concepts. This book is short and serves the purpose of learning and applying professional bookkeeping. This book provides checklists like https://www.globalvillagespace.com/GVS-US/main-features-of-bookkeeping-and-accounting-in-the-real-estate-industry/ “new job checklists,” “master calendar,” etc., and all forms a bookkeeper would need while maintaining a company’s books. This book can work as a great supplement to any textbook you choose.