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Bookkeeping is the recording, storing and retrieving of financial transaction data. It is one of the most important procedures to maintain a proper record of daily transactions on various levels happening with the firm.

There are two systems of bookkeeping:

Single Entry Bookkeeping

It is feasible if the subject business is new or has a low volume of transactions. The system is lucid and quick. Maintaining a simple record of income and expenses, the primary form of single entry bookkeeping is Cash Book.

Double Entry Bookkeeping

The double-entry bookkeeping system is a set of rules regulating the recording of transactions based on the fact that there are two ledger accounts affected by a given transactional event. The information recorded thus involves a debit and a credit entry. Which provides a safeguard against errors pertaining to a mismatch in the two accounts.

Further, there are different stages to bookkeeping. These elaborated as following:


Also called thebook of original entry, daybook is a parchment of chronological day-to-day transactions before they are entered into their respective journals.

Petty Cash Book

It is a record of small-value transactions before they are entered into the general ledger.


Journal is a descriptive, chronologically ordered record of transactions maintained in general journal daybook to propagate their transfer to the general/sales/purchase ledger accounts. A firm may keep a separate journal for each sort of transaction, such as sales, cash receipts, etc.


A ledger is basically, a record of all accounts. It is where the journal entries are transferred chronologically to all accounts. This process is called posting. There 3 types of ledgers:

  • General Ledger
  • Debtors Ledger
  • Creditors Ledger