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Accounting, a meticulous recording of financial transactions, is a crucial process required for the success of businesses both big and small. While large businesses will usually employ a sizable accounting department with many employees (as well as doing business with a separate auditing firm), smaller businesses may employ only a bookkeeper.
In a single-person business, the business owner may need to handle the accounting themselves, without the help of a bookkeeper. Whether you're trying to manage your own finances or are interested in finding work as a bookkeeper for another person's business, learning the basics of accounting can help get you started.
Debit means the record goes in the left side of the t-account and credit means you should use the right side. This refers to a standard t-account journal in which records are made on either side of the vertical portion of the "T". Practice by working out how you would enter different common transactions, like paying your electric bill or receiving a cash payment from a customer.
Set up and maintain a general ledger. The general ledger is where the dual-entry transaction are recorded. Each individual record (the various debits and credits in the transaction) is made in the relevant account within the ledger. So, for a cash bill payment, an entry would be made in the cash account and another, separate entry made in the accrued expenses account. This process is greatly simplified when you use accounting software, but can also be done by hand relatively simply.
Either you can take a accounting course near your home or office to learn more on the subject or simply visit our website and practice different voucher entries by yourself in our demo company without the fear of being right or wrong. Many people have learnt accounting by posting vouchers wrongly. Simply try and keep on trying till you get the things right.