Bookkeeping is defined as recording day to day financial transactions of the business in a structured format so that it can be retrieved and can be accurately analyzed. In this section on bookkeeping, we discuss the double entry in the accounting system (Debit and Credits) and its key differences. We also discuss what are journals and ledgers in accounting.
Other topics discussed in this bookkeeping in accounting sections
What is a Trial balance and steps to prepare a trial balance?
What is Reconciliation of Books?
What is petty cash in accounting (with templates)?
Debit note vs Credit Note
Debit vs Credit in Accounting
Debit is the use of value for a transaction, whereas Credit is the source of value for a transaction.