Tips:

DNT Bookkeeping is here to help individuals and business owners that have no accounting knowledge or know how free of charge.

DNT Bookkeeping understands how difficult this part of your business can be. The following tips and research is for your benefit:

• Bookkeeping is entering financial transactions whether manually or via computer.
• Transactions include sales, purchases, income, receipts and payments by the owner or under the company name.
• A bookkeeper (DNT Bookkeeping) is responsible for ensuring all transactions are recorded in the corresponding ledgers such as the purchases, sales, receipts, and payments.
• DNT Bookkeeping updates the books to the trial balance stage. An accountant typically prepares the financial statements which include the income statement and the balance sheet using the trial balance and ledgers prepared by DNT Bookkeeping.
• A sole proprietorship is a form of business organization that is owned by one person. The owner is referred to as a sole proprietor.
• Be sure to seek professional advice as to the appropriate form of business for your situation and location.

As a sole proprietorship, an owner’s work or payment from personal funds is to be entered as added to the Drawing account.

A corporation, it should be added to the salary expense account.