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:

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 https://envolta.ca/bookkeeping-services/ where there is a comprehensive list of what is bookkeeping for ENVOLTA Inc.

Thanks

The ENVOLTA Team

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