Working Within the Bookkeeping System
In this hour you will learn about…
- Adding and deleting accounts
- Debits and credits
- Posting daily transactions
- Cash and accrual accounts
- Related accounts
- Posting monthly adjustments
You now have a general idea of how to set up the basic accounts and files for a bookkeeping system. You have also become familiar with the different types of bank accounts that can be used to handle the money that flows in and out of a business or an individual’s household.
The Chart of Accounts for general business activities has been presented with explanations of these accounts and how and why they function within a bookkeeping system. Remember that once the Chart of Accounts has been created it becomes the General ...