Book keeping Book keeping is the art of recording of day-to-day financial transactions in the books of accounts. These books of accounts comprise of primary books like journal and ledger and other books like sales book, cash book, purchases book, bank book etc. The use and applicability of accounts books may vary from one organization to another depending upon the size and nature of business. A technically trained person who may be called a bookkeeper or an accountant performs bookkeeping. He is an individual who manages the financial and accounting affairs of the organization. When a transaction takes into effect, it is recorded in a primary book which is known as journal .It is the book of recording entries with both debit and credit aspects and recorded with date, amounts and descriptions. From journal the entry is transferred to concerned accounts and books. When computers were not common in use, book keeping was done manually which resulted in many errors due to writing and rewriting of entry at several places, but after the advent of computers book keeping has become error free because accounting softwares were developed in which entry recorded once will automatically be posted to concerned accounts. There are mainly two methods of book keeping like single entry system and double entry system. Single entry system is not very common now a days and it is used in small business concerns. In this system entry is recorded in cashbook only and only one aspect is recorded. Other books like stock register, sale book, purchases book, petty cash book may also be maintained. The most common method is double entry system where each entry is recorded with debit and credit aspects. Each entry is posted in at least two places. As the time and technology is changing, so the role of bookkeeper is also varying. Applicability of various taxes like VAT, Income Tax, Sales Tax, Excise duty, Import duty has invited tax book keeping, which is done to record tax transactions. Online book keeping is the service provided by online companies for recording, posting and analysisdouble entry of financial transactions. So it can be said that bookkeeping facilities the organization to present its true picture to its creditors, debtors, stake holders, shareholders and lenders.