![]() ![]() The single-entry system of bookkeeping requires recording one entry for each financial activity or transaction. Types of Bookkeepingīusiness entities choose from two types of bookkeeping systems, although some entities use a combination of both. In some countries like the Middle East (UAE, Saudi, Bahrain etc) the calendar year is used as an accounting period i.e. In most of the countries, the accounting period is the financial year which starts from 1st April and ends on 31st March of every year. The accounting period affects all aspects of the company’s finances, including taxes and analysis of your financial history. The accounting period that a business entity chooses for its business becomes part of its bookkeeping system and is used to open and close the financial books. Recording payment made to suppliers and so on…Īre accounting and bookkeeping different? Read ‘ Bookkeeping and Accounting’ Bookkeeping period. ![]()
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