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Process of recording financial transactions; the activity or profession of recording the money received and spent by a person, business, or organization. Several bookkeeping responsibilities include recording and maintaining payables, writing checks to pay invoices, collecting and recording receivables, reconciling monthly bank statements to the books, and preparing budgets. Example: (1) The large production company hired a bookkeeping service to pay the dozens of invoices they received daily and to record their income. (2) Computer software such as QuickBooks, Quicken, Money, Peachtree and SAP are examples of bookkeeping software that can be used to better maintain and organize books and records.
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