To put it simply, bookkeeping is the recording of financial trades. Transactions comprise of purchases, product sales, receipts not to mention payments by institution or individuals. Book-keeping is generally performed using a bookkeeper. Lots of individuals mistakenly think accounting is the same as bookkeeping. This confusion is not surprising because the accounting process includes the same book keeping action, but its only 1 part of the accounting process. The accountant produces reports from the recorded financial transactions recorded via the bookkeeper not to mention files forms through government agencies. There are several well-known methods of book keeping like the single-entry bookkeeping system as well as the double-entry bookkeeping system. But while these techniques may be known as "real" bookkeeping, any system that involves the recording of financial transactions is known as a book-keeping system.
Some bookkeepers, also known as an accounting clerk or even accounting professional, are really an individual who records the exact day-to-day financial trades of an institution. Some bookkeepers are generally in charge of writing the exact "daybooks". The exact daybooks are made up of spending, product sales, receipts, and obligations. The bookkeeper is in charge of guaranteeing all transactions are usually recorded within the right day book - vendorÃ¢â‚¬â„¢s ledger, client ledger and broad ledger.
The bookkeeper brings the books towards the trial balance stage. An accountant may organize the income proclamation and balance sheet using the trial cash and ledgers prepared by the bookkeeper.