Tag: accounts

Double-entry Bookkeeping is among the standard accounting practices for recording financial transactions.The conceptual framework is a business could be described by way of a amount of different accounts, each describing an element of the business enterprise in monetary terms.Every transaction in double-entry Bookkeeping includes a dual effect; for instance, buying machinery means losing cash but gaining the value of the machinery...

If you are first starting your business it may seem an needless hindrance to worry about how to manage your company transactions if you are starting off small.In fact, it's sales that matter, correct?However , it will be much simpler in the long run in case you separate your personal finances from the ones from your business.When you look back with time and need to analyse income plus expenditure, it is much easier knowing that you simply have to anaylse the transactions in a single separate bank account...