Accounting ProcessĪccounting is a high-level process that produces financial models using financial data gathered by a bookkeeper or business owner. On its website, the IRS specifies which business transactions need supporting documentation. All sales and purchases performed by your company must be documented in the ledger, and certain transactions require accompanying documentation. The complexity of an accounting system is frequently determined by the size of the business and the amount of transactions processed on a weekly, daily, and monthly basis. A ledger can be made using specialist software, a computer spreadsheet, or even a lined sheet of paper. The more deals are done, the more often the ledger is posted. The public ledger is an entire document in which a bookkeeper records the money received from sales and expenses. One of the essential aspects of bookkeeping is keeping a general ledger.
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