The following three elements make up the essential foundations of bookkeeping. Keep these business basics in mind when you set out to create a bookkeeping system:
Chart of Accounts: Lists all accounts in the books, and is the road map of a business’s financial transactions
Journals: The place in the books where transactions are first entered
Nominal Ledger: The book that summarizes all of a business’s account transactions
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Source:http://www.dummies.com/how-to/content/building-blocks-of-a-bookkeeping-system.html
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