Bookkeeping Essentials

Bookkeeping is the process of record keeping, which is different from accounting. Learn the difference between the two and which essentials are needed for proper bookkeeping.

Image shows a woman looking at a book. Title reads: "When to debit & when to credit an account" and the pages in the book read: "Accounting journal: DEBIT: asset accounts, expense accounts. CREDIT: Liability accounts, owner's equity, revenue accounts"

How to Create an Accounting Journal Entry

Rosemary Carlson

Updated July 24, 2020

Printout of calculation

Source Documents Provide Accounting Paper Trails

Rosemary Carlson

Updated February 17, 2021

Accountant working on desk to using calculator with pen on book.

Setting up a Small Business Chart of Accounts

Rosemary Carlson

Updated January 08, 2020

Business Financial Statement

You Need to Prepare These Financial Statements at the Cycle's End

Rosemary Carlson

Updated November 20, 2019

This illustration shows The 5 Most Common Types of Adjusting Entries, including accrued revenue, accrued expenses, unearned revenues, prepaid expenses, depreciation

Making Adjustments in Accounting Journals

Rosemary Carlson

Updated January 31, 2021

This illustration shows The 5 Most Common Types of Adjusting Entries, including accrued revenue, accrued expenses, unearned revenues, prepaid expenses, depreciation

Making Adjustments in Accounting Journals

Man and woman in office having a meeting

Accounting: Closing Entries in 4 Steps

General accounting by small business owner

How to Construct the General Ledger for Your Small Business

Consulting with a bookkeeper

Bookkeeping Is a Powerful Way to Lower Costs of Running Your Business

Image shows a woman filling out an accounting ledger, which has three columns and three rows. The first row reads: "particulars, debit amount, credit amount". The second row reads: "Cash account to capital account (being cash brought in as capital" and both the debit and credit amount reads 50,000. The third row reads: "Bank account to cash account (being cash deposited into the bank)" and both the debit and credit amount are 20,000.

How to Prepare a Trial Balance for General Ledger Entries in 7 Steps

Couple signing contract

Here Is an Example of a Bookkeeping Entry When Buying on Credit

Woman doing the books at a restaurant

How to Set Up and Manage a Petty Cash Account

Business owner working at laptop in clothing shop

Bookkeeping and Accounting for Small Business

Female accountant keying in numbers

Recording Cash Bookkeeping Entries

How to Calculate the Intrinsic Value of Preferred Stock

Bookkeeping Entries for Inventory Transactions

A discounted transaction at the register of a men's clothing store.

How to Record Cash Sales When Offering a Discount

Calculator, hand with pen, computer screen

Which Asset Accounts Should Be in Your Chart of Accounts?

Close up of female accountant or banker making calculations. Savings, finances and economy concept

Example of a Bookkeeping Double-Entry When Selling on Credit

Young businessman showing graphs by pen

What Are Debits and Credits?

Cook with paperwork in commercial kitchen

What is Best: Single-Entry or Double-Entry Bookkeeping?

bookkeeping software for nonprofits to track donations

The 8 Best Accounting Software for Nonprofits of 2021

More In Accounting Basics

Cost-Volume-Profit