Bookkeeping All-In-One For Dummies. Dummies Consumer

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      For Dummies books use little pictures called icons to flag certain chunks of text that either you shouldn’t want to miss or you’re free to skip. Here are the icons used in this book and what they mean:

      

Look to this icon for ideas on how to improve your bookkeeping processes and use the information in the books to manage your business.

      

This icon marks anything you would do well to recall about bookkeeping after you’re finished reading this book.

      

This icon points out any aspect of bookkeeping that comes with dangers or perils that may hurt the accuracy of your entries or the way in which you use your financial information in the future. I also use this icon to mark certain things that can get you into trouble with the government, your lenders, your vendors, your employees, or your investors.

      

This points out material that may be interesting if you really want to know a little more, but which isn’t crucial to understanding the concept at hand. You can safely skip material with this icon if you like.

      

When you see this icon, you have the chance to put your new-found knowledge to use. Practice your bookkeeping skills with real-world questions and story problems.

      Beyond the Book

      In addition to the material in the print or e-book you’re reading right now, this book also comes with some access-anywhere goodies on the Web. Check out the free Cheat Sheet at www.dummies.com/cheatsheet/bookkeepingaio for some handy bite-sized bookkeeping info, including the three elements of bookkeeping that must be kept in balance, definitions of the balance sheet and income statement, and the differences between the four types of business structures.

      This book includes some extras that wouldn’t fit between the covers, kind of like the Bonus Content on a DVD. Check out http://www.dummies.com/extras/bookkeepingaio to read articles on the most important accounts bookkeepers keep, ways to manage cash using your books, tips on reading financial reports, and signs that a company is in trouble.

      Where to Go From Here

      Feel free to start anywhere you like. You can use the table of contents or index to zoom in on any topic you’re particularly interested in.

      If you need the basics or if you’re a little rusty and want to refresh your knowledge of bookkeeping, start with Book I. For the nuts and bolts of accounting and financial reports, drop into Book II. If you already know the basics and terminology of bookkeeping and are ready for some practical advice on day-to-day activities, you might start with Book III. If you’re heading toward the end of the year and need to start wrapping things up, check out Book IV. If you’re a manager, Book V was written with you in mind.

      Wherever you begin, best of luck on your bookkeeping journey!

      Book I

      Keeping the Books

      

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       In this book …

Chapter 1

      Basic Bookkeeping

       In This Chapter

      This chapter provides an overview of a bookkeeper’s work. If you’re just starting a business, you may be your own bookkeeper for a while until you can afford to hire one, so think of this chapter as your to-do list.

      All businesses need to keep track of their financial transactions – that’s why bookkeeping and bookkeepers are so important. Without accurate records, how can you tell whether your business is making a profit or taking a loss? This chapter also covers the key parts of bookkeeping by introducing you to the language of bookkeeping, familiarizing you with how bookkeepers manage the accounting cycle, and showing you how to understand the most difficult type of bookkeeping – double-entry bookkeeping.

      Bookkeeping, the methodical way in which businesses track their financial transactions, is rooted in accounting. Accounting is the total structure of records and procedures used to record, classify, and report information about a business’s financial transactions. Bookkeeping involves the recording of that financial information into the accounting system while maintaining adherence to solid accounting principles.

      Bookkeepers: The Record Keepers of the Business World

      Bookkeepers are the ones who toil day in and day out to ensure that transactions are accurately recorded. Bookkeepers need to be very detail oriented and love to work with numbers because numbers and the accounts they go into are just about all these people see all day. A bookkeeper is not required to be a certified public accountant (CPA).

      Many small business people who are just starting up their businesses initially serve as their own bookkeepers until the business is large enough to hire someone dedicated to keeping the books. Few small businesses have accountants on staff to check the books and prepare official financial reports; instead, they have bookkeepers on staff who serve as the outside accountants’ eyes and ears. Most businesses do seek an accountant with a CPA certification.

      In many small businesses today, a bookkeeper enters the business transactions on a daily basis while working inside the company. At the end of each month or quarter, the bookkeeper sends summary reports to the accountant who then checks the transactions for accuracy and prepares financial statements.

      In most cases, the accounting system is initially set up with the help of an accountant in order to be sure it СКАЧАТЬ