book-keeping

A small business owner records daily sales in a book-keeping ledger.

Definition

1. Noun:
   • The activity of recording financial transactions: "book-keeping" refers to the systematic recording and organizing of financial transactions in a business or organization. It is an essential function for maintaining accurate financial records.

Usage Examples

• (The activity of recording financial transactions.)
• (The systematic recording of financial data.)
• (The task of managing financial records.)

Advanced Usage

• "single-entry book-keeping": a simplified method where each transaction is recorded once, typically in a cash book.

  • Small businesses often use single-entry book-keeping for its simplicity. (A basic recording method.)

• "double-entry book-keeping": a more complex system where each transaction is recorded in two accounts (debit and credit) to maintain balance.

  • Double-entry book-keeping provides a more accurate financial picture. (A detailed method used by larger organizations.)

Variants and Related Words

• Book-keeper (noun): a person who performs book-keeping tasks.

  • The book-keeper updated the ledgers daily. (The person responsible for recording transactions.)

• Book-keeping (adjective): describing something related to this activity.

  • Book-keeping software has simplified financial management. (Software designed for recording transactions.)

Synonyms

• Accounting: the broader process of summarizing, analyzing, and reporting financial transactions.
• Record-keeping: the general act of maintaining records, not limited to finances.

Related Idioms

• Cook the books: to falsify financial records illegally.

  • The accountant was caught trying to cook the books to hide losses. (An idiom, not directly related to "book-keeping" but involving financial records.)

• Balance the books: to ensure that financial records are accurate and debts are paid.

  • At the end of the month, the manager must balance the books. (A common phrase in book-keeping contexts.)