Bookkeeping is the recording of all financial transactions which may include purchases, sales, receipts and payments by an individual or organization and recording them in the correct day book, suppliers ledger, customer ledger or general ledger.
The most commonly employed bookkeeping systems are the single-entry bookkeeping system and the double-entry bookkeeping system. Single-entry bookkeeping records only income and expense accounts, which are recorded primarily in a revenue and expense journal. Double-entry bookkeeping requires posting (recording) each transaction twice, using debits and credits. Single-entry bookkeeping is sufficient for most small businesses.
Accurate and up to date bookkeeping is essential to the management of a healthy business with an eye to future growth.
National Tax Service has over twenty-five years experience maintaining accurate accounting records.