What is Bookkeeping? Definition, Importance, Tasks and Example
Without recording these transactions in your books, you’d forget to reclaim that hard-earned money. The next step is choosing between a cash or accrual basis for your bookkeeping. This decision will depend on when your business recognizes its revenue https://simple-accounting.org/how-to-do-bookkeeping-for-a-nonprofit/ and expenses. Bookkeepers apply the accrual basis of accounting when tracking the accounts receivable and accounts payable. This method doesn’t record invoices […]