The keeping of accounting records involves the recording of all financial and accounting transactions. The term “up to trial balance” is often referred to. This means recording all the transactions on a day to day basis and then extracting a trial balance ( a list of accounts with their monetary debit or credit balances ) from those records.  It  excludes the production of a  profit and loss account and balance sheet, although accounting software will provide this anyway, but more specifically excludes entries required to produce a comprehensive and compliant set of accounts.

However bookkeeping does enables you to establish the profit or loss and financial position at any time. With all my services the bookkeeping can be carried out yourselves or by me. If undertaken yourselves then I will perform spot checks and then ensure that a fully compliant set of accounts are prepared from them.

Accounts are prepared on a cash basis or accruals basis. The cash basis is a reflection of the bank account whereas accruals basis also reflect non cash based transactions in order to giver a true and fair view of the profit or loss achieved and the financial position. Cash based accounts are only available to individuals, partnerships and smaller non company charities.

If you wish to carry out bookkeeping yourself and do not have an accounting package please consider one of my accounting solutions.


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