Bookkeeping

A Bookkeeper is responsible for recording and maintaining a business’ financial transactions, such as purchases, expenses, sales revenue, invoices, and payments. They will record financial data into general ledgers, which are used to produce the balance sheet and income statement. Any process of recording financial data is considered bookkeeping and is the first step of data entry into t...[Read More]

In double entry bookkeeping, the accounts payable department will receive an invoice and it will be recorded in the general ledger as a credit, then as an offsetting debit to the expense account. This matching principle follows the accrual accounting method where revenues and expensive are recorded in the same period, which takes place before the invoice is paid. The account payable is a liability...[Read More]