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Building Blocks of a Bookkeeping System

Part of the Bookkeeping For Dummies Cheat Sheet (UK Edition)

The following three elements make up the essential foundations of bookkeeping. Keep these business basics in mind when you set out to create a bookkeeping system:

  • Chart of Accounts: Lists all accounts in the books, and is the road map of a business’s financial transactions

  • Journals: The place in the books where transactions are first entered

  • Nominal Ledger: The book that summarizes all of a business’s account transactions

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