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Bookkeeping is the process of systematically recording the financial transactions of a business, so as to show how the transactions quote to each other. Bookkeeping is largely a mechanical process and does not involve any diagnosis of the financial transactions, but rather the recording of them.
Traditionally, the records were kept in a book, hence the name bookkeeping. These days, bookkeeping is ordinarily performed using a bookkeeping software package, but the names of the books (daybook, cashbook, journal, and ledger) are still used.
A bookkeeper's function is primarily one of recording transactions in the journal and posting to the ledger, and is sometimes referred to as an accounts clerk.
There are two types of bookkeeping: singular entry and double-entry. In singular entry bookkeeping, the narrative of each transaction is carried to whether the debit or reputation column of a singular account. In double-entry bookkeeping, two entries of each transaction are carried to the ledger: one to the debit side, and one to the reputation side, of the corresponding account. This is so the two entries can be used to check each other.
Accounting
Accounting is the systematic recording, reporting, and diagnosis of financial transactions of a business. As bookkeeping involves manufacture a financial narrative of business transactions, it is true to say that the role of bookkeeping is encompassed within the scope of accounting, and the bookkeeping system used by a business would form part of the accounting system.
Accounting also includes the establishment of statements regarding assets, liabilities and the operating results of a business.
Accountancy is the vocation linked to accounting, and an accountant is the person who does, or at least is responsible for, the work. Accountants often specialize in a singular area of accounting such as taxes, auditing, or management.
In a small company, all of the bookkeeping and accounting tasks may well be performed by a singular person. In this situation, that person would ordinarily be referred to as an accountant.
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