Top Accounting Basics For Beginners To Learn By Greg Van Wyk
If you are just starting out in business, there are a few accounting basics, as per Greg Van Wyk, that you need to know. These will help you keep track of your finances and make sure that you stay compliant with the law. Read on to learn more. Greg Van Wyk Lists Top Accounting Basics That Beginners Should Learn 1. Double-Entry Bookkeeping: This is a system of recording financial transactions in two accounts where each transaction has equal and opposite effects on the books of accounts. According to Greg Van Wyk, in this setup, a debit and credit entry is made to record each transaction. While double-entry bookkeeping might seem complicated, it serves as an essential foundation for keeping accurate records of financial data and allows accountants to quickly identify discrepancies or mistakes in their records. 2. Debits and Credits: The two main entries used when using double-entry bookkeeping are debits and credits. A debit is an accounting entry that… Read More »Top Accounting Basics For Beginners To Learn By Greg Van Wyk