Bookkeeping

Bookkeeping, systematic recording of financial transactions. The single-entry system consists of a single account that shows the debts owed to and by the firm. The double-entry system, more detailed, enters debit and credit items in a journal and then classifies them in a ledger. In the monthly system, a number of separate daybooks are kept, and monthly totals are posted to the ledger accounts.

See also: Accounting.