On a day-to-day basis it is necessary for a business to post its transactions in various books such as accounts receivable, accounts payable and the general ledger. Bookkeeping involves the recording of all of a company’s financial transactions.
The Juslaws & Consult Accounting and Auditing group maintains and updates client accounting records, including accounts payable and receivable, expenditures, receipts and profit and loss. We have extensive experience in recording accounting transactions for our clients. Our daily bookkeeping service consists of posting or recording transactions and updating files as required. In this part of our overall service package, we would typically perform numerous daily computations to calculate and record financial data.
Separate accounts need to be maintained for petty cash, accounts payable, accounts receivable, inventory, expenses and others. In double-entry bookkeeping, transactions are recorded twice, as a debit and a credit, to balance out the accounts. These transactions include purchases, payments, sales, receipts and vouchers, for example.
Our team ensures that all financial transactions are entered in the proper accounts, from the journal entry and general ledger to the trial balance stage. From these accounts we prepare the company’s balance sheet, its profit and loss statement and report on changes in equity. These are essential steps prior to the preparation of a company’s financial statement.