ENTREP

• Bookkeeping


  The process of recording your company's or business financial transactions into organized accounts on a daily basis
• Bookkeeper


  • Accountant
  • Person who maintains financial accounts of a business
  • Actuary
  • Analyst
  • Auditor
• Major account subcategories


  • Revenue
  • Expenses
  • Equity
  • Assets
  • Liabilities
• Assets


  The items — tangible or intangible — that your business owns and that could be turned into cash
• Liabilities


  Unpaid invoices, balances on your credit cards, and your business loans
• Equity


  Assets (aka what you own) minus your liabilities (aka what you owe)
• Revenue


  The money a company earns from the sale of its products and services
• Expenses


  What you spend to keep your business running
• Balance sheet


  A comparison between all of your assets (what you own) and all of your equity and all of your liabilities (what you owe)
• Cash flow


  The money going in and out of your business (aka your income and your expenses)
• Payroll


  A list of your employees and how much you pay each one
• Worksheet


  A spreadsheet that includes your list of accounts, account balances, adjustments, and adjusted balances
• Double-entry bookkeeping


  Where you keep tabs on where your money is coming from and where your money is going. Every transaction is recorded twice — once in your debits account and again in your credits account
• Single-entry bookkeeping


  An accounting method that means you record one journal entry for each transaction (whether income or expenses)