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Keep track with a qualified bookkeeper from daily bank reconciliations and cash flow reporting to payment disbursements, accounts receivable, payroll related statutory reporting and payments, General Ledger reconciliations and more. Find Bookkeeping WFH freelancers on April 21, 2025 who work remotely. Read less

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What to Know

Please explain double-entry bookkeeping?

Double-entry bookkeeping is an accounting system where every transaction is recorded in at least two accounts: one account is debited while another is credited. This method is based on the fundamental accounting equation where assets equal liabilities plus equity:

Assets = Liabilities + Equity

Here's how it works:

Every Transaction Affects Two Accounts: If you buy something, for example, you might debit (increase) an asset account (like "Equipment") and credit (increase) a liability account (like "Accounts Payable") or decrease another asset account (like "Cash").

Balancing Entries: The sum of debits must always equal the sum of credits for every transaction. This ensures the accounting equation remains balanced.

Types of Accounts:
Assets: Resources owned by the business (e.g., Cash, Inventory).
Liabilities: Debts or obligations (e.g., Loans, Accounts Payable).
Equity: Owner's claim after liabilities are paid (e.g., Owner's Equity, Retained Earnings).
Income/Revenue: Increases equity (e.g., Sales Revenue).
Expenses: Decrease equity (e.g., Rent Expense, Salary Expense).

Debits and Credits:
Debit: Increases assets or expenses, decreases liabilities, equity, or income.
Credit: Increases liabilities, equity, or income, decreases assets or expenses.

For example, if a company purchases office supplies for $500 cash:
Debit Office Supplies (Asset) account by $500
Credit Cash (Asset) account by $500

This system helps in detecting errors, maintaining accuracy in financial statements, and providing a clear picture of the financial health of the business. It's the foundation of modern accounting practices and is mandated by accounting standards for businesses.

Explain the 6 basic principles of bookkeeping?

The six tenets of bookkeeping are:

Accuracy: Ensuring all financial records are precise and free from errors. This involves double-checking entries, reconciling accounts, and maintaining consistency in recording transactions.

Record Keeping: Maintaining complete, clear, and organized records of all financial transactions. This includes invoices, receipts, bank statements, and other financial documents that support the entries in the books.

Compliance: Adhering to all relevant laws, regulations, and accounting standards. This includes tax laws, financial reporting standards, and any industry-specific regulations that might apply.

Timeliness: Recording transactions as they occur or soon after. This helps in having up-to-date financial information which is crucial for decision-making, tax preparation, and financial reporting.

Consistency: Using the same accounting methods and principles over time. This ensures comparability of financial statements across different periods, which is vital for assessing business performance and trends.

Segregation of Duties: Implementing checks and balances by dividing responsibilities among different individuals or departments to prevent fraud and errors. For instance, the person who authorizes transactions should not be the same one who records them or has custody of the assets.

These tenets help in ensuring that the financial health of a business is represented accurately and ethically.

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