Chapter 3

Keeping the Books

In This Chapter

arrow Distinguishing between bookkeeping and accounting

arrow Getting to know the bookkeeping cycle

arrow Making sure your bookkeeping and accounting systems are rock solid

arrow Doing a double-take on double-entry accounting

arrow Deterring and detecting innocent errors and cunning fraud

arrow Keeping books in the cloud and on the ground

I think it’s safe to say that most folks are not enthusiastic bookkeepers. You probably balance your checkbook against your bank statement every month and somehow manage to pull together all the records you need for your annual federal income tax return. But if you’re like me, you stuff your bills in a drawer and just drag them out once a month when you pay them. And when’s the last time you prepared a detailed listing of all your assets and liabilities (even though a listing of assets is a good idea for fire insurance purposes)? Personal ...

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