Keep your accounting records straight by setting up a bookkeeping system!

There are five types of accounting records that need to be maintained at all times:

  1. General Ledger (سجل اليومية): Records each financial transaction that takes place during the life of a company. Transaction data is categorized by type: assets, liabilities, owners’ equity, revenues, and expenses. The General Ledger is needed to prepare the company's financial statements.
  2. Subsidiary Ledger (سجل الاستاذ): Contains detailed records of transactions under the General Ledger.
  3. Payroll Records (سجل الرواتب والاجور): Include the names of all employees, their positions, compensation amounts, and employment start and end dates.
  4. Inventory Records (سجل الجردة): Track the cost of a business’ assets that are ready or will be ready for sale, in addition to other sub-records such as the year-end inventory.
  5. Share Ownership Records for Joint-Stock Companies (سجل الاسهم الاسمية): Specify each owner’s percentage of ownership since the company’s establishment.

Why do you need a bookkeeping system?
A bookkeeping system helps you keep track of all accounting records in your company. In addition, it allows you to better analyze business activity, attract investors, seek funding, file taxes, and fulfill your reporting requirements. There are different types of bookkeeping systems and methods. Click here to learn more.

We know it might be challenging to set up your own bookkeeping system without an accounting background. That’s why our tax & accounting advisors are here to help you so  book your appointment now