The Nuts and Bolts of Bookkeeping - dummies

The Nuts and Bolts of Bookkeeping

Part of Bookkeeping for Canadians For Dummies Cheat Sheet

Every bookkeeping system has a few consistent elements. Here is a list of what your business requires to ensure that it’s bookkeeping by the book:

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

  • Journals: Place in the books where transactions are first entered

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