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Prepare source documents for all transactions, operations, and other business events; source documents are the starting point in the bookkeeping process.
Determine and enter in source documents the financial effects of the transactions and other business events.
Make original entries of financial effects into journals and accounts, with appropriate references to source documents.
Perform end-of-period procedures — the critical steps for getting the accounting records up-to-date and ready for the preparation of management accounting reports, tax returns, and financial statements.
Compile the adjusted trial balance for the accountant, which is the basis for preparing reports, tax returns, and financial statements.
Book Keeping involves the process of recording, analysing, retrieving and interpreting your financial transactions of the company, business, non-profit organisation, individual and so on. Book keeping is the largest part of the accounting process and it is usually managed by a bookkeeper who produces financial records that gives you accurate information about your financial activities.
Book Keeping is especially important if you own a business and want to abide by state laws. Specifically, Australian law states that a business’ bookkeeping must be accurate and up to date to ensure you are paying all your taxes and levies on time. If you fail to do so, you can face serious legal repercussions. It can also mean that you have lost control of the state of your business performance.
Book Keeping is also important for personal financial security and decision-making in the present and future. To ensure you understand and are abiding by your legislative requirements, get in touch with one of our qualified bookkeepers at MY LEGAL ROUTE today.
Trying to keep your financial transactions recorded accurately and constantly updated can be demanding especially if you have a growing business. It can also be a difficult and onerous process to try and understand and abide by complicated tax laws. Therefore in order to avoid failing to satisfy your legal financial obligations, it is best to hire one of our qualified bookkeepers at MY LEGAL ROUTE.