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It includes money coming in and going out through sales and operating expenses, typically tracked in a ledger.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"What is a ledger and how is it used?",{"text":68,"@type":64},"A ledger is a collection of financial accounts where daily transactions are written down or typed electronically. These records support financial statements that show the health of a business.",{"name":70,"@type":61,"acceptedAnswer":71},"What is the difference between cash basis and accrual basis accounting?",{"text":72,"@type":64},"Accrual basis recognizes revenue when sales are made and expenses when costs are incurred, while cash basis records revenue when cash is collected and records expenses when payments are made.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},392618,1791570754,{"code":4,"msg":82,"data":83},"success",[84,89,94,99,104,109,113,118,123],{"id":85,"doc_module":22,"doc_module_name":25,"category_name":86,"show_sort_weight":87,"slug":88},11,"Presentations",90,"presentations",{"id":90,"doc_module":22,"doc_module_name":25,"category_name":91,"show_sort_weight":92,"slug":93},12,"Resumes",80,"resumes",{"id":95,"doc_module":22,"doc_module_name":25,"category_name":96,"show_sort_weight":97,"slug":98},14,"Invoices",70,"invoices",{"id":100,"doc_module":22,"doc_module_name":25,"category_name":101,"show_sort_weight":102,"slug":103},15,"Posters",60,"posters",{"id":105,"doc_module":22,"doc_module_name":25,"category_name":106,"show_sort_weight":107,"slug":108},16,"Social Media",50,"social-media",{"id":110,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":111,"slug":112},17,40,"forms",{"id":114,"doc_module":22,"doc_module_name":25,"category_name":115,"show_sort_weight":116,"slug":117},18,"Letters",30,"letters",{"id":119,"doc_module":22,"doc_module_name":25,"category_name":120,"show_sort_weight":121,"slug":122},21,"Paper Templates",5,"papers-templates",{"id":124,"doc_module":22,"doc_module_name":25,"category_name":125,"show_sort_weight":4,"slug":126},158,"General","general-158",{"code":4,"msg":82,"data":128},{"doc_id":79,"user_id":129,"nickname":42,"user_avatar":130,"doc_module":22,"category_id":110,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":55,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":136,"language":137,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":138,"faqs":139,"seo_title":140,"seo_description":12,"update_tm":141,"read_time":142},962085564381,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","Dastyar | 1  \n1.  \nWhat is bookkeeping?  \n2.  \nWhy should I keep detailed records?  \n3.  \nWhat is a ledger?  \n4.  \nWhat is a chart of accounts?  \n5.  \nHow do I manage cash?  \n6.  \nHow do I use a bank statement?  \n7.  \nWhat are credit and debit cards?  \n8.  \nHow do I record revenue?  \n9.  \nHow do I record costs?  \n10.  \nHow do I account for loans?  \n11.  \nHow do I account for equity?  \n12.  \nWhat is depreciation and how do I keep track of it?  \n13.  \nHow do I manage payroll?  \n14.  \nWhat are accounts payable and accounts receivable?  \n15.  \nHow often should I do bookkeeping?  \n16.  \nHow does bookkeeping help financial management?  \n17.  \nHow do I know if I need an accountant?  \n18.  \nHow do I make sure the money in my business is handled carefully?  \n19.  \nHow do I keep track of my inventory and why is it important?  \n20.  \nHow do I track sales?  \n2 | Bookkeeping  \n1.  \nWhat is bookkeeping?  \nEThe Basics  \nBookkeeping involves recording, storing, and referencing all day-to-day financial transactions of your business. These financial transactions include all of the money coming into (sale of products or services) and going out of (rent, salaries, inventory, supplies, etc.) your business.  \nEach transaction is written down or typed electronically into a ledger book. This list of all the daily transactions is important and ensures a detailed record is kept so that you may use the information to create financial statements that help to show the health of your business. The records are also used to report your tax information to the government by law. Because of this, it is very important to keep accurate and daily records of all business transactions.  \nD Tell Me More  \nAll financial transactions are recorded daily into the ledger and should have a document that describes the transaction such as a receipt of sales, invoice, payment to supplier or bank. These documents create a record for each transaction that can be traced back and verified during an audit or review. Bookkeeping follows guidelines set forth by the Afghanistan Revenue Department, Ministry of Finance ([mof.gov.af](mof.gov.af)).  \nThe ledger transactions are all organized into groups called the chart of accounts where the financial information is used to create financial statements such as the balance sheet, income statement, and cash flow statement. These statements help to show the financial health of your business.  \nTypical business activities captured in a bookkeeping ledger are:  \n• The sale of a product or service income  \n• Deposits to the bank account  \n• Payments for purchases of supplies or services  \n• Any other type of operating costs  \nBookkeeping can also record accounts receivable (money not yet received from a customer you have already sold your product or service) and accounts payable (money owed by a company to its creditors), payroll (wages paid to workers of a company), along with asset (anything of value owned by a company) purchases such as furniture, computers, and equipment and most importantly, it is used to record and track owner’s equity.  \nBookkeeping is generally based on either a cash basis or accrual basis form of reporting. The basis of accounting is determined by Department of Revenue, Ministry of Finance. According to Article 37, Corporations and Limited Liability Companies must report on an Accrual Basis of accounting while other businesses will use the Cash Basis method of accounting.  \nThe Accrual Basis method of accounting recognizes revenue (income from sales of goods or services) when the sales is made (i.e., when the good or services are provided) and expenses (money paid out by your business) when the cost is incurred (i.e., when a company uses a good or service). Cash Basis method of accounting records revenues when cash is collected from a customer and records expenses when the expense is paid. For example, assume that you sell 200 mobile phone sets to a retailer, who will pay you three months later. In accrual-based accoun","cbCaifLmd44mGkrN","https://ap.wps.com/l/cbCaifLmd44mGkrN","pdf",341815,68,"English","# The Basics\n## Why Keep Detailed Records?\n## Glossary Terms from this Section","[{\"question\":\"What is bookkeeping and what does it include?\",\"answer\":\"Bookkeeping involves recording, storing, and referencing a business’s day-to-day financial transactions. It includes money coming in and going out through sales and operating expenses, typically tracked in a ledger.\"},{\"question\":\"What is a ledger and how is it used?\",\"answer\":\"A ledger is a collection of financial accounts where daily transactions are written down or typed electronically. These records support financial statements that show the health of a business.\"},{\"question\":\"What is the difference between cash basis and accrual basis accounting?\",\"answer\":\"Accrual basis recognizes revenue when sales are made and expenses when costs are incurred, while cash basis records revenue when cash is collected and records expenses when payments are made.\"}]","Bookkeeping - Learn the Basics | PDF",1790371714,24]