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How to Do Your Own Bookkeeping
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[QUOTE="Caramelle, post: 259369, member: 150"] Business owners can take free, short courses online to learn proper bookkeeping. I wouldn't say it is tough to learn because bookkeeping is procedural and mostly repetitive. However, bookkeeping also involves understanding basic accounting principles such as the business entity concept, which states that the business is a separate economic unit and its transactions must be recorded separately from those of its owners. Business funds should be accounted for separately from the funds of its owners and only those that concern the business should be recorded in its books. Bookkeeping goes beyond recording transactions. It also entails analysis of transactions, knowing which account names to use for recording, and performing other steps in the accounting cycle such as posting, preparing adjusting journal entries, closing entries, and reversing entries. Finally, a bookkeeper also needs to prepare financial statements and other reports or schedules for tax filing purposes. A business owner may also opt to invest in an accounting software that can be customized and registered. The use of an accounting program can make bookkeeping simpler but you still need to know the basics of accounting if you want to know if the business is actually making profits. [/QUOTE]
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