March 16, 2007, Newsletter Issue #19: Bookkeeping

Tip of the Week

Bookkeeping generally deals with all of the company's accounts, not just one line item. Bookkeeping involves knowing the double entry accounting system (every debit has an offsetting credit). Bookkeeping also involves knowing the difference between cash and accrual accounting.

Many times bookkeeping overlaps accounting, especially in smaller firms. They both involve the proper recording and maintaining of company records.

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