There are many account books featured in our range, but all suit the basic purpose of keeping accounts as legal evidence of a transaction or record of purchase. The information below gives you and explanation as to what the differences between books are to aim you when buying accounting books.
Types of Account Books
Complete Account Book
These are accounting books which are designed to keep all aspects of handling cash transaction in a single record needed for final accounts and a balance sheet to be drawn up by an accountant. These account books are idea for shopkeepers, small businesses or if you are self employed, they are designed and regularly reviewed by practising accountants.
Account Book Cash Columns
These are account books with a specific number of cash columns designed for record debits and credits. Single column cash account book records only cash receipts and payments. It has only one money column on each of the debit and credit sides of the cash book. All the cash receipts are entered on the debit side and the cash payments on the credit side.
Where as a two column cash account book is one which consists of two separate columns on the debit side as well as credit side for recording cash and discount, if you had six cash column accounts book it would have consist of six separate columns and so on if you had 7, 8 9 or large amount of cash columns.
Double Entry Account Book
A double-entry account book differs from a normal account book as with a normal accounting book there is only one record, whereas in double-entry each item appears twice, once as debit and again as credit.
Account Book with Petty Cash Column
As the name suggests this is a normal account book with a certain amount of cash columns and also consists of a specific column or columns for recording petty cash transaction, this type of book is designed to remove the need for a separate petty cash book.
Examples of Rulings
Help show differences in page layout you’ll find when looking at account books.
CASH COLUMNS ON EACH PAGE - here 7 cash columns 31 / 7
CASH COLUMNS ACROSS TWO PAGES - here 14 cash columns 31 / 14
DEBIT AND CREDIT RULINGS ACROSS TWO PAGES - here 2 debit-10
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How to Use an Account Book
- Use an account book to record corresponding transactions. A "Cash" account book would document each cash transaction, and an "Accounts Receivable" account would document each debt owed by a client to the company.
- Refer to an account book to post transactions to a corresponding ledger. The general ledger contains the balances of the cash, assets, liabilities, expense and revenue accounts. Refer to account books to obtain the transactions to post to these accounts.
- Obtain balances needed to create financial statements by referring to a account book. The general ledger contains the balances of the accounts needed to generate balance sheets and income statements.
- Determine business profits and losses, also known as the net income or net loss by referring to the balances of account books. Simply subtract the balance of the expense account from the balance of the revenue account and take into consideration any sales discounts or returns. Step 5Implement account books in the investigation of unscrupulous business activities. Account books are useful in tracking business transactions, discovering errors and reporting any suspicious activities.
