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Usually, we follow two common types of bookkeeping methods; 1) single-entry book keeping and 2) double-entry book keeping.
In single entry bookkeeping both income and expense accounts are recorded in a Revenue and Expense Journal.
In double entry bookkeeping transactions are recorded twice using debits and credits.
The bookkeeping equation for a sole proprietorship is assets = liabilities + owner’s equity and for a corporation is assets = liabilities + stockholders’ equity.
It is so because revenues increase owner’s equity or stockholders’ equity.
Well, it is a small part of accounting and probably the simplest of all. But doing it yourself can be a bit risky, especially when you have other things to look after.
Some accountants do provide bookkeeping services though the majority prefer to focus on legal and tax management. However, even if they offer bookkeeping services they will considerably charge more.
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