Bookkeeping System Building Blocks

Every bookkeeping system has a few consistent elements. Here is a list of what your business requires to ensure that it’s bookkeeping by the book:

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  Chart of Accounts: Lists all accounts in the books and is the road map of a business’s financial transactions

  
  


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  Journals: Place in the books where transactions are first entered

  
  


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  General Ledger: The book that summarizes all a business’s account transactions

  
  

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Source:http://www.dummies.com/how-to/content/bookkeeping-system-building-blocks.html