Bookkeeping

Chronological accounting record for cash and bank receipts and payments that functions as both a book of original entry and a running cash ledger.

Master accounting record that holds the balance and activity of each account used to produce financial statements.

Record of an accounting transaction showing the accounts affected and the debits and credits used to capture it.

Record used to track small routine cash disbursements, usually under an imprest system with periodic replenishment and review.

Original paper or electronic evidence of a transaction that supports bookkeeping entries, audit trails, and accounting review.

Bank-reconciliation item for cash receipts already recorded in the books but not yet shown on the bank statement at the statement date.

Bank-reconciliation item for a check or payment already recorded in the books but not yet cleared by the bank at the statement date.

Amounts owed to suppliers for goods or services already received, usually recorded as a current liability until paid.

Comparison of the bank statement with the cash ledger to explain timing differences, record missing items, and confirm the cash balance can be trusted.

General-ledger summary account whose balance should agree with the detail total in its related subsidiary ledger.

Process of comparing two related records, investigating differences, and adjusting or documenting items so accounting balances can be trusted.

Detailed ledger supporting a general-ledger control account such as receivables, payables, or inventory.

Listing of ledger account balances in debit and credit columns, used to check posting accuracy before statements are finalized.

Subsidiary ledger that tracks amounts owed to each supplier and supports the accounts payable control account.

Amounts owed by customers for goods or services already delivered, usually recorded as a current asset until collected.

Subsidiary ledger that tracks amounts owed by each customer and supports the accounts receivable control account.

Foundational bookkeeping relationship showing that assets are financed by liabilities and equity.

Period-end recognition of revenue earned or expense incurred before the related cash movement or final invoice.

Expense recognized before payment because the cost has already been incurred in the current period.

Trial balance prepared after adjusting entries so statement preparation starts from period-correct balances.

Contra-asset estimate that reduces gross receivables to the amount a business realistically expects to collect.

Structured list of accounts a business uses to classify transactions consistently across its ledger and financial statements.

Advance payment recorded as an asset at first and expensed later as the related benefit is used.

Removal of a recorded amount from the books when a receivable, asset, or identified balance is no longer expected to provide value.