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Glossary of Common Bookkeeping Terms

This is a list of common basic bookkeeping terms with  a simplified meaning

Accountant

A professional person, who analyses and communicates financial information to business owners and business decision makers

Asset

Something that that is owned by the business that can be assigned a monetary value

Accounts

A common name used for The Books of Accounts

Balance Sheet

A financial statement listing the Assets and Liabilities of a business at certain date and how they are financed

Bookkeeper

A professional person, who collates and records financial transactions and information, compiles and produces financial reports and statements

Books of Accounts

The collection of ledgers and books that contain the financial records of a business. Also referred to as The Books  or Accounts

Creditor

Debtor

Liability

Someone your business owes money to

Someone who owes your business money

An obligation owed by the business

 

Wella Book Keeping Solutions holds a Practice Licence issued by

The Institute of Certified Bookkeepers and abides by the code of conduct of the institute.

To visit The Institute of Certified Bookkeepers website click on the crest opposite.

Wella Book Keeping Solutions also carries Professional Indemnity Insurance

Link to the Institute of Certified BookkeepersMember 5507

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