WHAT IS THE DIFFERENCE BETWEEN ACCOUNTING & BOOKKEEPING?

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FASTCOLLAB

• WHAT IS THE DIFFERENCE BETWEEN ACCOUNTING
  BOOKKEEPING?

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• Most of the time, organisations run by
  non-commerce individuals assume that Accounting
  Bookkeeping are one and the same thing.
• And thus, end up in big troubles when tax filing
  times come for the business. This blog extract
  will make a try to differentiate these two terms.
• The first step to the accounting is bookkeeping.
  As far as the scope is concerned, accounting is
  much wider than bookkeeping as the latter is just
  a part of former.

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• The procedure of complete systematic files
  keeping of the fiscal dealings of an organization
  by the bookkeeper is called as bookkeeping. It is
  the action of keeping full documents of every
  single fiscal transaction of the unit to form a
  base for the process of accounting. The function
  of bookkeeping is to reveal the correct depiction
  of income expenditure at the end of the
  accounting period.
• The bookkeeper is responsible for recording the
  day-to-day business transactions like goods sold
  or purchased on credit, incoming outgoing of
  cash, expenses incurred, etc. in a systematic
  manner. The bookkeeper details the transactions
  in the day books like purchase, purchase return,
  sales, sales return, journal, cash book, etc.
  posts them in the respective ledger after that
  trial balance has prepared. 

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• More details Compliance under Sales
  Tax