Define book keeping: Book-keeping is an art of recording financial business transaction in a set of books in terms of money or money worth. Bookkeeping involves the recording, storing and retrieving of financial transactions for a company, nonprofit organization, individual, etc.
Common financial transactions and tasks that are involved in bookkeeping include:
- Billing for goods sold or services provided to clients.
- Recording receipts from customers.
- Verifying and recording invoices from suppliers.
- Paying suppliers.
- Processing employees’ pay and the related governmental reports.
- Monitoring individualaccounts receivable.
- Recording depreciation and other adjusting entries.
- Providing financial reports.
Today bookkeeping is done with the use of computer software. For example, QuickBooks (from Intuit) is a low-cost bookkeeping andaccountingsoftware package that is widely used by small businesses
Bookkeeping requires knowledge ofdebitsand credits and a basic understanding of financial accounting, which includes the balance sheet and income statement.In principle transactions have to be recorded daily into the books or the accounting system. For each transaction, there must be a document that describes the business transaction, in the terms of a simple sales invoice, sales receipt, a supplier invoice, a supplier payment, bank payments and journals.
Those are notes of bookkeeping for Tanzania schools Government and other private schools.
Book Keeping Form One Notes
To get Book Keeping Form One Notes download PDF file below