Bookkeeping What is and Why?. What is the purpose of Bookkeeping & Accountancy  To be able to record and keep a record of all business transactions 

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Presentation transcript:

Bookkeeping What is and Why?

What is the purpose of Bookkeeping & Accountancy  To be able to record and keep a record of all business transactions  Helps identify whether the business is running successfully  Helps identify costs incurred  Helps identify the financial position of the business

Business types and the purpose There are 3 types of businesses Private sector – an organisation that aims to make a profit Limited Company (plc and Ltd), Partnership & Sole trader Limited companies have shareholders, sole traders use own money to start a business and are liable for any debts, similarly with partnerships Public sector – an organisation that offers a service and is funded by governmental sources(central or local) NHS, Local council, emergency services and armed forces Charitable sector – an organisation that raises awareness to social and local issues, any additional monies are ploughed back into the organisation Oxfam, cancer charities, sports clubs, nurseries and playgroups

Business transactions Main purpose of a business is to: Sell goods Provide a service To offer either of these a business must: purchase products for resale purchase components to produce a final product or service Pay specialist staff a hourly rate to provide a service Other transactions within a business Paying monies into the bank account Taking monies out of the business for the owner – drawings

Business transactions When paying for goods purchased or sold the business could have the option of: Cash sales/purchases Credit sales/purchases Cash sales/ purchases method means paying instantly using cash, cheque, card, paypal, CHAPS or transfer Credit sales/purchases method means placing an order and paying after a specified time, 10, 15, 30 days. Settlement of the debt can be paid in any method.

Business transaction documents A business would issue any of the following documents when trading: Sales invoice Sales credit note Receipts Remittance Statement of account Petty cash voucher are used within a business to reimburse a staff member for purchases made for the business using their own funds.