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Book keeping it also referred as the keeping of book. Book keeping is the process of keeping full, accurate, up-to-date business records. Proper methods can help businesses effectively manage cash flow, stay abreast of profit and losses, and develop plans for the future based on financial trends. Furthermore, keeping accurate book is required by both federal and local tax agencies. The book keeping process involves making a record of the monies received by a business as well as the monies paid out. It encompasses money a company owes to vendors, employees, tax agencies, contractors, and any other individual or entity. Likewise, accurate records of amounts owed to a company by outside individuals and
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After reviewing the financial statements, the accountant can make additional adjustments and almost immediately obtain the revised reports. The software will also prepare, record, and post the closing entries.

(Harold,A.2013,Accounting Coach.)[online].

Source documents are documents, such as cash slips, invoices, etc. that form the source of (and serve as proof for) a transaction. In other words, they are the first documents that exist relating to a transaction.
Invoices, cash slips, receipts, check counterfoils, bank deposit slips ,credit notes ,debit notes ,voucher , purchase orders and even internet payment confirmations are all source documents.

For example:

Credit Notes



Purchase orders

BOOK OF PRIME ENTRY Book of prime entry is book used in recording transaction. Books of prime entry are also known as books of original entry or subsidiary books.
Types of books of prime entry:
Books of prime entry are also known as either ‘journals’ or ‘daybooks’. The term ‘day book’ is, perhaps, more commonly used, as it more clearly indicates the nature of these books of prime entry – entries are made to them every day.

The commonly used books of prime entry are:
Sale Day Book /Sale Journals --Sale journals is to record credit sales.

Purchases Day Book/Purchases Journals --Purchases journals is to record credit purchases.

Sales Return Day Book/Return In Journals --Return in
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