What is bookkeeping?

Simple question.

I want to do an MYOB course to further my career choices (i'm currently an admin assistant) and I found one that requires:

Basic knowledge of manual bookkeeping, keyboard, Windows and mouse skills are an essential prerequisite.

Now of course I have the keyboard, windows and mouse stuff, but what is bookkeeping??

Thanks in advance

4 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    Bookkeeping is the system used by businesses to keep accurate records of financial transactions. It's a double-entry system involving the infamous debits and credits.

    Say you pay Office Depot $50 for office supplies. The entry is:

    Debit 'Office Supplies' $ 50

    Credit 'Cash' $ 50

    Say you receive $ 100 from a customer for services performed. Entry:

    Debit 'Cash' $ 100

    Credit 'Service Revenue' $ 100

    Bookkeeping is much easier using computer software, but the reason for the requirement of basic knowledge of manual bookkeeping is that if you don't understand how to do it manually, you won't make the proper entries using software either.

    To get there you need at least three courses in basic accounting.

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  • 5 years ago

    Bookkeeping is essentially the art of keeping track of income and expenditure throughout the business in order to prepare financial accounts at the end of the period. Bookkeeping involves recording in chronological order transactions that have been received or paid through a variety of sources and allocating them to a specific nominal code (category) and within a specific group e.g. assets, liabilities, income or expenditure.

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  • Anonymous
    5 years ago

    Bookkeeping is a process of summarizing, analyzing, recording of financial transactions on day to day basis.

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  • 6 years ago

    It is a system that keep the records of the financial and commercial transaction...!!!

    So only mouse, keyboard and windows will not help you much...!!!

    You need proper guidance about the bookkeeping system.

    Source(s): Affordable Book Keeping Contractor
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