Bookkeeping 101
Increase Your
Knowledge of Bookkeeping

Welcome to the bookkeeping 101 page that will help increase your knowledge of bookkeeping.

Bookkeeping 101

Bookkeeping 101, Increase your knowledge of bookkeeping will give you more than just the bookkeeping basics. It will help teach you about many bookkeeping and accounting topics from setting up a chart of accounts to preparing your profit & loss statement.

You can start learning right away by clicking on any one of the links below...

Accounts Payable

Accounts Payable

The accounts payable account is used to record the bills of a business that are outstanding and is also referred to as A/P which is Accounts Payable for short.

This is a bookkeeping 101 account that should be added to your chart of accounts by the first time you enter a bill. The account will be used to track the money that your business owes to others. When you pay off your outstanding bills, or when you enter a new bill, you should enter the transaction in the register for your A/P account.

This account is listed in the Chart of accounts as "Accounts Payable." But if you really feel you need to use more than one of this type of account in your business, then you can add additional A/P accounts to the chart or accounts.

Learn more about Accounts Payable

Accounts Receivable

Accounts Receivable

Accounts receivable is the term that bookkeepers and accountants use to refer to the outstanding money that is owed to you for sales that you have already made that haven't been paid for yet.

This is another bookkeeping 101 account that should be added to your chart of accounts by the first time you write an invoice. The account will be used to track the money that is owed to your business. When you receive a payment from a customer, or when you write an invoice, you should enter the transaction in the register for your A/R account.

This account is listed in your chart of accounts as "Accounts Receivable." But if you really need to use more than one of this type of account in your business, then you can add additional A/R accounts to the chart of accounts as well.

Learn more about Accounts Receivable

Balance Sheet

Balance Sheet

The balance sheet is a report that gives you a summary of the financial situation of a business on any given date. It will show you the value of your company's assets, liabilities, and equity. Click on the balance sheet link to learn more about this important financial tool.

There are many different bookkeeping accounts that appear on the report. The different bookkeeping accounts you will find can be thought of as all of the things (including money) that you own and the debts that you owe.

This would include things like bank accounts, property (buildings), equipment, furniture and amounts that people owe you (Accounts Receivable). This also includes all of your liabilities such as bank loans, credit cards, and amounts you owe to other people (Accounts Payable).

Learn more about the Balance Sheet

Chart Of Accounts

Chart Of Accounts

The chart of accounts is the foundation of your bookkeeping system, so it is very important to have a good understanding of how it works. This is a great place to get started on your learning adventure.

You can think of it like it's a file cabinet full of files, and each file will store a different kind of bookkeeping information. So, if you have bookkeeping information for telephone payments made for your business phone line, you will set up a file (an account) for Telephone Expense.

There are many different kinds of accounts that should be included in your Chart of Accounts.

Learn more about the Chart of Accounts

See the Accounting Chart of Accounts video tutorial

Profit And Loss Statement

Profit and Loss Statement

If you are like most new business owners just starting their business, you don't know how to read financial statements. And that can be detrimental to your success. But your business is going to be a success! Why?...

Because you are already here ready, able and willing to learn how to read and use the profit & loss statement (otherwise known as an income statement)

Learn more about the Profit and Loss Statement

Bookkeeping Tutorial

Bookkeeping Tutorial

These bookkeeping tutorials and bookkeeping courses are basic free accounting tutorials that will teach and visually show you by video how to do all the different aspects of bookkeeping.

Each of the basic tutorials are presented as a written article outlining how to perform a bookkeeping or accounting function.

See the Bookkeeping Basics Bookkeeping Tutorial

Learn about other Bookkeeping Tutorials

Read the Bookkeeping Articles for Accounting and Tax Information

Return from Bookkeeping 101 to Bookkeeping Basics HomePage

Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.


New! Comments

Share Your Comments, Tips & Advice! Leave a comment in the box below.

Online scheduling

Custom Search

Subscribe to my channel

Sponsored Links

Favorite Pages

Recent Articles

  1. Santa Rosa Bookkeeping and Lease Accounting Changes

    Santa Rosa Bookkeeping and Lease Accounting Changes -The IASB and FASB have proposed changing lease accounting rules.

    Read More

  2. Santa Rosa Tax Policies for California Competes

    The Franchise Tax Board has clarified the Santa Rosa Tax Policies for receiving California Competes credits.

    Read More

  3. Santa Rosa Accounts Payable and Minimum Wage Increases

    You need to be aware of the relationship between Santa Rosa accounts payable and minimum wage increases.

    Read More

Bookkeeping Forms

Bookkeeping Test

Like Me on Facebook
Follow Me on Twitter
Pin Me on Pinterest
View Me on LinkedIn
Sign Up For My Newsletter
Subscribe To My Blog

Subscribe To Blog

[?]Subscribe To This Site
  • follow us in feedly