Accounting Glossary

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B

Balance sheet

A Balance sheet is a financial statement that would include the companies, liabilities, assets, total debt, equity capital at a certain point in time. Assets are then shown on the one side and liabilities on the other side.

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Desktop App:

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Roadmap: Mod Financial Reports > S Financial reports > M Management Reports > SM Balance sheet > S Balance sheet (Choose correct one) > B Edit > S Balance sheet > T Report parameters (Select correct year and periods) > B Next - Report 

User manual link: Balance Sheet


Bookkeeping

Bookkeeping is the process of organising and making a record of all financial transactions in your business by being systematic and accurate. Financial transactions such as receipts, payments made etc. With an organised good bookkeeping system, reconciliation is made easier. When recording all Income and Expense transactions and reading it into your system or paper like in a physical cashbook it is referred to as Bookkeeping.