Basic Bookkeeping Terms

Where to start with learning bookkeeping? Here are some bookkeeping terms you should understand in order to cover the basics.

Make yourself familiar with these bookkeeping basics, and you are ahead of many. And don't worry if you can't retain them all now. Think of this as your bookkeeping glossary or dictionary and come back and review them as much as you need to.

Click on the term for a further explanation of what it means and to understand how it is used in bookkeeping.

Accounting Cycle

Accounting Period

Accounts Payable

Accounts Receivable

Accrual vs Cash

Assets: Current, Fixed, Other

Bad Debt

Capital

Chart of Accounts

Cost of Goods Sold

Debit vs Credit

Double Entry Accounting

Equity

Expenses

Financial Statements

Fiscal Year vs Calendar Year

Gross Income

Interest

Journal Entry

Ledger

Liabilities: Current, Long-Term, Other

Net Income

Other Expense

Other Income

Payroll

Reconcile Account: Credit Card

Reconcile Bank Account

Revenue vs Income

Sales Tax

Trial Balance

Type of Business

Be sure to bookmark this page. It just might bail you out of a sticky situation when your boss asks you for a report later and it's on the tip of your tongue but you just can't quite remember how to prepare it.

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