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Epstein - Bookkeeping Kit For Dummies

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Epstein Bookkeeping Kit For Dummies
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Accurate and complete bookkeeping is crucial to investors, financial institutions, and various employees in businesses, and Bookkeeping Kit For Dummies provides the easy and painless way to master this critical skill. Youll get clear and concise information along with plenty of practice opportunities and examples to hone your bookkeeping skills. The bonus CD-ROM includes bookkeeping forms, working papers, tax forms, resources, and spreadsheets.;pt. 1. Basic bookkeeping: why you need it -- pt. 2. Keeping a paper trail -- pt. 3. Tracking day-to-day business operations with your books -- pt. 4. Preparing the books for years (or months) end -- pt. 5. Reporting results and starting over -- pt. 6. The part of tens -- pt. 7. Appendixes.

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Bookkeeping Kit For Dummies by Lita Epstein Bookkeeping Kit For Dummies - photo 1

Bookkeeping Kit For Dummies

by Lita Epstein

Bookkeeping Kit For Dummies Published by John Wiley Sons Inc 111 River - photo 2

Bookkeeping Kit For Dummies

Published by
John Wiley & Sons, Inc.
111 River St.
Hoboken, NJ 07030-5774
www.wiley.com

Copyright 2012 by John Wiley & Sons, Inc., Hoboken, New Jersey

Published by John Wiley & Sons, Inc., Hoboken, New Jersey

Published simultaneously in Canada

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions .

Trademarks: Wiley, the Wiley logo, For Dummies, the Dummies Man logo, A Reference for the Rest of Us!, The Dummies Way, Dummies Daily, The Fun and Easy Way, Dummies.com, Making Everything Easier, and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc., and/or its affiliates in the United States and other countries, and may not be used without written permission. All other trademarks are the property of their respective owners. John Wiley & Sons, Inc., is not associated with any product or vendor mentioned in this book.

Limit of Liability/Disclaimer of Warranty: The publisher and the author make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation warranties of fitness for a particular purpose. No warranty may be created or extended by sales or promotional materials. The advice and strategies contained herein may not be suitable for every situation. This work is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If professional assistance is required, the services of a competent professional person should be sought. Neither the publisher nor the author shall be liable for damages arising herefrom. The fact that an organization or Website is referred to in this work as a citation and/or a potential source of further information does not mean that the author or the publisher endorses the information the organization or Website may provide or recommendations it may make. Further, readers should be aware that Internet Websites listed in this work may have changed or disappeared between when this work was written and when it is read.

For general information on our other products and services, please contact our Customer Care Department within the U.S. at 877-762-2974, outside the U.S. at 317-572-3993, or fax 317-572-4002.

For technical support, please visit www.wiley.com/techsupport .

Wiley publishes its books in a variety of electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that was not included in the version you purchased, you may download this material at booksupport.wiley.com For more information about Wiley products, visit www.wiley.com.

Library of Congress Control Number: 2011945571

ISBN 978-1-118-11645-6 (pbk); ISBN 978-1-118-22437-3 (ebk); ISBN 978-1-118-23770-0 (ebk); ISBN 978-1-118-24217-9 (ebk)

Manufactured in the United States of America

10 9 8 7 6 5 4 3 2 1

Picture 3

About the Author

Lita Epstein, who earned her MBA from Emory Universitys Goizueta Business School, enjoys helping people develop good financial, investing, and tax planning skills.

While getting her MBA, Lita worked as a teaching assistant for the financial accounting department and ran the accounting lab. After completing her MBA, she managed finances for a small nonprofit organization and for the facilities management section of a large medical clinic.

She designs and teaches online courses on topics such as accounting, reading financial reports, and investing. Shes written more than 25 books, including Reading Financial Reports For Dummies and The Business Owners Guide to Reading and Understanding Financial Reports (Wiley).

Lita blogs periodically for AOLs Daily Finance and Real Estate. In the past, Lita has been a daily newspaper reporter, magazine editor, and fundraiser for the international activities of former President Jimmy Carter through The Carter Center.

Dedication

To my father, Jerome Kirschbrown, who taught me the importance of accounting, bookkeeping, and watching every detail.

Authors Acknowledgments

I want to take this opportunity to thank all the people who have helped make this book a reality. In particular, I want to thank the wonderful folks at Wiley who shepherded this project to completion, especially Stacy Kennedy and Tim Gallan. Finally, I want to thank my agent, Jessica Faust at BookEnds, who helps find all my book projects, and my husband, whos learned to stay out of the way when Im on a deadline.

Publishers Acknowledgments

Were proud of this book; please send us your comments at http://dummies.custhelp.com . For other comments, please contact our Customer Care Department within the U.S. at 877-762-2974, outside the U.S. at 317-572-3993, or fax 317-572-4002.

Some of the people who helped bring this book to market include the following:

Acquisitions, Editorial, and Vertical Websites

Senior Project Editor: Tim Gallan

Acquisitions Editor: Stacy Kennedy

Copy Editor: Megan Knoll

Technical Reviewer: Ken Morrow

Assistant Editor: David Lutton

Editorial Program Coordinator: Joe Niesen

Editorial Manager: Michelle Hacker

Editorial Assistants: Rachelle S. Amick, Alexa Koschier

Vertical Websites: Jenny Swisher

Cover Photos: iStockphoto.com / pagadesign

Cartoons: Rich Tennant ( www.the5thwave.com )

Compositions Services

Project Coordinator: Katie Crocker

Layout and Graphics: Lavonne Roberts, Corrie Socolovitch

Proofreader: Cynthia Fields

Indexer: Glassman Indexing Services

Publishing and Editorial for Consumer Dummies

Kathleen Nebenhaus, Vice President and Executive Publisher

Kristin Ferguson-Wagstaffe, Product Development Director

Ensley Eikenburg, Associate Publisher, Travel

Kelly Regan, Editorial Director, Travel

Publishing for Technology Dummies

Andy Cummings, Vice President and Publisher

Composition Services

Debbie Stailey, Director of Composition Services

Introduction

B ookkeepers manage all the financial data for small companies. If you subscribe to the idea that information is power (which I do), youll agree that the bookkeeper has a tremendous amount of power within a company. Information tracked in the books helps business owners make key decisions involving sales planning and product offerings and manage many other financial aspects of their business.

If it werent for the hard work of bookkeepers, companies wouldnt have any clue about what happens with their financial transactions. Without accurate financial bookkeeping, a company owner wouldnt know how many sales the company made, how much cash it collected, or how much cash it paid for the products sold to customers during the year. He also wouldnt know how much cash he paid to employees or spent on other business needs throughout the year.

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