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Bookkeeping Process


This is what a complete bookkeeping process looks like, from compiling original source documents to final accounts and Balance Sheet.

StageTaskDetails
Source DocumentsPrepare all necessary information and documentationReceipts, invoices, vouchers, bank statements, petty cash vouchers, etc.
EntriesEnter all transactions into relevant book of original entryBooks of original entry: General Journal, Sales Journal, Purchase Journal, Return Inward & Outward Journals, Cash Book, Petty Cash Book
Post to LedgersPost all entries from books of original entry to individual ledgersLedgers: General Ledger, Sales Ledger, Purchase Ledger
Trial BalanceExtract trial balance at end of each accounting period: monthly/quarterly/yearlyTrial balance to check arithmetic accuracy of double entry for each transaction
Stock Check & AdjustmentsDo physical check of stock and adjust for over and underInventory of all stock
Adjusted Trial BalanceMake all adjustment and produce Adjusted Trial BalanceAdjustments: prepayment, bad debt, provision for depreciation of fixed assets, etc.
Trading Profit/Loss
Closing Accounts
Close nominal accounts (expenses and income), transfer balance to final accounts (Trading & Profit/Loss Accounts)
Balance Sheet

Extract net profit or loss, balances of assets & liabilities, prepare Balance Sheet