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Business Record & Bookkeeping

The document discusses different types of business records and bookkeeping. It describes six types of administrative records: policy records, operational records, legal records, fiscal records, historical records, and research records. It also discusses electronic records and their legal status. Additionally, it defines bookkeeping as the daily recording of financial transactions, and accounting as the analysis of bookkeeping records to develop financial insights. Bookkeeping is crucial for a business's financial accuracy and must follow single- or double-entry methods.

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151 views

Business Record & Bookkeeping

The document discusses different types of business records and bookkeeping. It describes six types of administrative records: policy records, operational records, legal records, fiscal records, historical records, and research records. It also discusses electronic records and their legal status. Additionally, it defines bookkeeping as the daily recording of financial transactions, and accounting as the analysis of bookkeeping records to develop financial insights. Bookkeeping is crucial for a business's financial accuracy and must follow single- or double-entry methods.

Uploaded by

Penafrancia Basada
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Business Record &

Bookkeeping
Group 2
Business Record
• A document that is used to store
information from business operations.
Types of operations having business
records includemeetings and contracts,
as well as transactions such as purchases,
bills of lading and invoices. Business
records can be stored as reference
material and reviewed later.
TYPES OF
RECORDS
I. ADMINISTRATIVE RECORDS

• Records which pertain to the


origin, development, activities,
and accomplishments of the
agency. These generally fall into
two categories: policy records
and operational records.
Policy Records:
• Records that relate to the
organization such as plans, methods,
techniques, or rules which the
agency has adopted to carry out its
responsibilities and functions. These
include three basic categories.
Organizational Documents:
• Budgets and budget planning records, fiscal
records, organizational and functional
charts.Governing Documents: manuals,
directives, orders, and interpretations issued
from top authority levels, correspondence
files of high-level officials, regulations,
circulars, instructions, memoranda or regular
issuances that establish a course of action,
and staff studies or special reports relating to
methods of workloads and performances.
Reporting Documents:
• Annual reports, periodic progress
or summary reports, special
reports or accomplishment,
transcripts of hearings, minutes
of meetings and conferences, and
agency histories.
Operational Records:
• Records necessary to implement
administrative policies, procedures, and
operations. The operational value is the
usefulness of a record in the conduct of
an organization's business. Examples
include mandates, procedural records, or
records that give direction.
II. LEGAL RECORDS

• Records of legal value include


those with evidence of legally
enforceable rights or obligations
of the State. These may include:
Records relating to property
rights:
• Land, probate, contracts, agreements, leases,
licenses.Records relating to citizenship rights:
vital statistics, such as birth, death, marriage,
some legal proceedings, and criminal
cases.Records relating to employment: veterans'
records involving legal rights attached to
employment, basic state personnel records, and,
in some cases, payroll records.Records containing
information required to protect the State against
claims or to enforce statutes: executive orders,
rules, regulations, and records to establish or
support judicial opinions and interpretations.
III. FISCAL RECORDS
• Records that have fiscal value relate to an
agency's financial transactions. these may be
budgets, payrolls, vouchers, and accounting
records. After records have served their
primary administrative purpose, it may be
necessary to preserve them to document the
expenditure of public monies and to account
for them for audit purposes and requirements.
IV. HISTORICAL RECORDS
• Records worthy of permanent preservation for
reference and research purposes are selected for
deposit in the state Archives at the Connecticut
State Library. These records are retained for many
uses. Public officials use archival records to
protect the government, to give consistency and
continuity to their actions, to prevent duplication
of efforts, and to find successful ways for solving
recurrent problems. Records are also kept to
protect citizens' legal rights and for research in
many fields to advance general knowledge and
understanding.
V. RESEARCH RECORDS
• Records used in scholarly studies and
investigations. Researchers want to extend
human knowledge using basic historical evidence.
These records may include important information
on individuals, corporate bodies including their
problems and conditions, and significant
historical events. Researchers may include case
files and correspondence of a regulative and
quasi-judicial nature, statistical and other data on
economic development, population changes,
and/or major movements in our society. Many of
these records have informational, administrative,
and archival value.
VI. ELECTRONIC RECORDS
• The Connecticut Uniform Electronic
Transactions act (CUETA) defines an electronic
record as "a record created, generated, sent,
communicated, received or stored by
electronic means, including, but not limited
to, facsimiles, electronic mail, telexes and
internet messaging" (CGS, Section 1-267).
Electronic messages sent or received in the
conduct of public business are public records.
Bookkeeping is the practice of
recording your business
transactions in your general ledger,
the book or software that you
record them into. Accounting is the
practice of analyzing the
information in the ledgers,
developing insights into a business'
financial actions.
Bookkeeping
• Bookkeeping is the process of the
daily record-keeping of all of a
company's financial transactions.
Bookkeepers record the sales,
expenses, cash and bank
transactions of the business in a
general ledger.
Bookkeeping

• One of the important habits you


should develop when you start a
business is recording transactions
in your journal and ledger. The
ledger and its accuracy are
central to your company's
finances.
Bookkeeping
• Recording these transactions is referred
to as posting. A bookkeeper may also
generate invoices and/or complete
payroll. The complexity of the
bookkeeping process depends on the size
of your business and the number of
transactions conducted daily, weekly, and
monthly.
Bookkeeping Methods
• The two methods of bookkeeping are
single-entry and double-entry. Most
businesses use the double-entry
bookkeeping system in which every
entry to an account requires a
corresponding and opposite entry to
a different account.

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