Bookkeeping Tips for Your Business
Building small and medium-sized businesses is becoming a trend nowadays, either because of a lack of financial background or just doing a hobby that accidentally develops into a business. It should be noted that one of the important things that must be done by small and medium business actors is to keep books to control finances. For those who have accounting education backgrounds, of course, this is not a problem but it will be quite confusing for those who have no such knowledge at all. As a result, the recorded finances are as they are and are not infrequently arising so confusing.
The following bookkeeping tips from Bookkeepers Bondi Beach that you can make reference:
– Record all Buy and Sell Transactions
Collect all evidence of transactions such as receipts, receipts, receipts, receipts, etc. to note. This is the first step to bookkeeping. Don’t let anything disappear. Therefore, it is important for you to ask for a receipt every time you shop for business, no matter how small. If something is missing, it will be difficult for you to count it later. After all, transactions have been collected, classify them into credit and debit.
– Make a Transaction Journal
After all, transactions are recorded and classified, it is time to keep a journal. In this journal, you can see what transactions have been made. So, you should, every time you make a transaction immediately record it in this journal so as not to forget. However, if the time is not possible because you are too busy, it can be done at the end of the day, but not until one week because there will certainly be many transactions that are forgotten. A good journal must have at least four of these things: date, account, debit, and credit. You can also add a description, and transaction proof number if necessary.
– Transfer the contents of the Journal to the Big Book
Unlike journals, in the ledger accounts are grouped according to the type of transaction carried out. Accounts receivable, for example, will contain all transactions that include receivables. The cash account also contains all transactions including cash. Therefore, there are also many kinds of tables, not just one table like a transaction journal. Research in transferring the contents of the journal to the ledger so that no transactions are left behind.