Most
people probably think of bookkeeping and accounting for the same thing,
but bookkeeping is really one function of accounting, while accounting
encompasses many functions involved in managing the financial affairs of
a business. Accounting prepared based in part on the work of accounting reports .
Accountants perform all types of maintenance records . Some of them are :
- Prepare what is known as basic documents for all business operations - the purchase, sale , transfer, payment and collection . The documents include documents such as orders, invoices , receipts, credit cards, time cards , time sheets and expense reports. Accountants also determine and enter in the basic documents of what is called the financial effects of transactions and other business events. Including the payment of employees , sales, borrowing money or buying products or raw materials for production are included.
- Accountants also make entries of the financial effects into journals and accounts. These are two different things. A journal is the record of transactions in chronological order . An account is a separate folder , or page for each asset and liability . A transaction can affect several accounts.
- Accountants prepare reports at the end of the specified period of time, such as daily , weekly, monthly , quarterly or annually . To do this, all accounts must be current . Inventory records must be updated and audited reports and double check to make sure they are as error free as possible .
- Counters to compile a complete list of all accounts. This is called the adjusted balance . Although a small business may have a hundred accounts , very large businesses can have more than 10,000 accounts.
- The last step is to close the accounting books , which means doing all the bookkeeping for a fiscal year to a close and summarized.
Accountants perform all types of maintenance records . Some of them are :
- Prepare what is known as basic documents for all business operations - the purchase, sale , transfer, payment and collection . The documents include documents such as orders, invoices , receipts, credit cards, time cards , time sheets and expense reports. Accountants also determine and enter in the basic documents of what is called the financial effects of transactions and other business events. Including the payment of employees , sales, borrowing money or buying products or raw materials for production are included.
- Accountants also make entries of the financial effects into journals and accounts. These are two different things. A journal is the record of transactions in chronological order . An account is a separate folder , or page for each asset and liability . A transaction can affect several accounts.
- Accountants prepare reports at the end of the specified period of time, such as daily , weekly, monthly , quarterly or annually . To do this, all accounts must be current . Inventory records must be updated and audited reports and double check to make sure they are as error free as possible .
- Counters to compile a complete list of all accounts. This is called the adjusted balance . Although a small business may have a hundred accounts , very large businesses can have more than 10,000 accounts.
- The last step is to close the accounting books , which means doing all the bookkeeping for a fiscal year to a close and summarized.
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