What is the meaning of bookkeeping

What is the meaning of bookkeeping

What is the meaning of bookkeeping:

Bookkeeping is the recording, on a day-today basis of the financial transactions and information pertaining to a business. It is concerned with ensuring that records of those individual financial transactions are accurate, up-to-date and comprehensive. Accuracy is therefore vital to the process.

What is the meaning of bookkeeping

Common financial transactions and tasks that are involved in bookkeeping include:

Payroll Services:
  • Weekly, bi-weekly, semi-monthly, monthly payroll preparation
  • Preparation of pay stubs
  • Preparation of pay cheques
  • Calculation of overtime and bonuses
  • Record of employment for terminated employees
  • Payroll source deductions and application remittance to government
  • Annual T4’s, T4A’s preparation along with annual reconciliations
  • T5018 Statement of Contract Payments
Accounts Payable:
  • Record and post bills
  • Schedule bills for payment
  • Computerized and non-computerized cheque preparation
  • Monthly aging reports preparation
Government reporting:
  • HST (Harmonized sales tax)
  • RST (Retail sales tax – Provincial)
  • Payroll source deductions and application remittance to government
  • W.S.I.B (Workers Safety Insurance Board)
  • Annual reconciliations
  • Preparation and support during government audits
Bank & Credit Card reconciliations:
  • Ensures that any bank errors are caught in time
  • Help manage the cash flow of the business
Yearly summary of accounts:
  • Year-end adjusting journal entries
  • Year-end working papers preparation and liaison with company accountant
  • Preparation of reports for specialized businesses
  • Audit preparation

For each transaction, there must be a document that describes the business transaction, in the terms of a simple sales invoice, sales receipt, a supplier invoice, a supplier payment, bank payments and journals.

Today bookkeeping is done with the use of computer software. For example, QuickBooks (from Intuit- http://quickbooks.intuit.ca/) is a low-cost bookkeeping and accounting software package that is widely used by small businesses in the North America.

For more information, visit our website at http://envolta.ca/bookkeeping-services/ where there is a comprehensive list of what is bookkeeping for ENVOLTA Inc.

Thanks

The ENVOLTA Team

 

Submit a Comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Current ye@r *