financial information, thereby reducing their
Introduction workload. They benefit from having a bookkeeper
who ensures accurate financial records,
The process of recording and organizing a enabling informed decision-making and financial
company’s financial transactions depend on planning. Bookkeepers in small businesses handle
certain individuals who are tasked to ensure tasks such as invoicing, payroll, and tax
that the organization remains responsible preparation. Their expertise helps owners stay
in making informed decisions and compliant compliant with financial regulations, avoiding
with the laws and regulations revolving around penalties and allowing them to focus more on
the business. business growth rather than on their company's
financial status.
To ensure this goal, companies
hire bookkeepers or accounting clerks who History of Bookkeeping
meticulously track all their financial records. As
professionals in the field, you will provide the 1. Professional Recognition (1800)
-Bookkeeping as a profession was recognized during
baseline organization for income and sales the 1800s in the UK and US as trade and exploration
targets, as well as all financial data needed for efforts greatly emerged in the economy. Because of
strategic decision-making. To do this, it is crucial the early capitalization and rise of the stock
exchange, different businesses started to consider the
to develop your skills to maintain the accuracy importance of the role of bookkeepers and hired
and reliability of financial records and manage people who knew how to record financial transactions.
cash flows, aiding in the prevention of fraudulent 2. Technology Integration (20th Century)
transactions. -As technology rose during the 20th century the job of bookkeepers changed
from manual recording to the application of worksheets and advanced
calculators which greatly helped bookkeepers to do their jobs more efficiently
and less time-consuming.
This lesson will equip you with the foundational
3. Review of Arithmetic, Geometry, Ratio, and Proportion (1494)
knowledge that will help you to fulfill your job as a -Some believe that it began with Luca Pacioli, an Italian mathematician and
Franciscan monk, known as the "Father of Bookkeeping," pioneering the
bookkeeper/ accounting clerk. double-entry system, through his book "Review of Arithmetic, Geometry,
Ratio, and Proportion." It provided the first popular description of the double-
entry system and tools like journals and ledgers, which have been used for
teaching bookkeeping and accounting for years.
Topic 1: What is 4. Commerce and the Perfect Merchant (1458)
Bookkeeping?
-Some believe that modern bookkeeping began with Benedetto Cotrugli
pioneering the double-entry system, through his book "Of Commerce and the
Perfect Merchant."
5. First Practice of Financial Record Keeping (1700 BC)
Bookkeeping -The first practice of financial record keeping has been found in Assyria,
Sumer, Babylon, and Mesopotamia way back in 7000 BC showing archives of
records of accounts of a farm produce business in Ancient Greece as well as
from the Roman Empire.
- involves the systematic recording and
categorizing of all financial Laws and Regulations
transactions undertaken by a business (or an
individual).
- It involves documenting and monitoring by Data Security and the Data
compiling this data into reports to show the Protection Act 1998 - protect the
company's financial performance. If arithmetic is the data
fundamental aspect of mathematics,
Revenue Regulations
- bookkeeping is a fundamental part of accounting.
SECTION 24- PENALTY
FOR MAKING FALSE
Bookkeeper (or book-keeper) ENTRIES FOR WRITING
FALSE / FICTITIOUS IN
- also called an accounting clerk, refers to BOOKS OR RECORDS
a person who keeps the books of an - can be punished
organization of the business.
under section 355
- For a large company with substantial assets, of the National
revenues, and a large workforce, hiring a Internal Revenue
bookkeeper is essential for organizing the
company's financial records. Code. Penalties
include a fine
This ensures that big companies can make between P500 and
business decisions easily and produce financial P5,000,
statements for all stakeholders, knowing that they
comply with company policies and legal imprisonment from
regulations. six months to five
years, or both.
For a small company, bookkeepers are also crucial
for its smooth operation. Owners hire bookkeepers
to organize, store, and analyze their company's
o -Anyone who fails to keep their books
or records in a native language,
English, or Spanish, or doesn't
accurately translate them into one of
these languages, will be fined
between P2,000 and P10,000 or
imprisoned for two to six years, or
both.
-SECTION 25- PENALTY FOR
VIOLATION OF OTHER
PROVISION OF THERE
REGULATIONS