{"id":38274,"date":"2022-07-19T15:25:29","date_gmt":"2022-07-19T09:55:29","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=38274"},"modified":"2024-06-01T16:49:27","modified_gmt":"2024-06-01T11:19:27","slug":"what-is-banking-book-keeping","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/what-is-banking-book-keeping\/","title":{"rendered":"Basics of Banking: Introduction to Banking Business &#038; Book Keeping"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-38276 size-full\" title=\"What is Banking &amp; Book keeping ?\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Basics-of-Banking-Introduction-to-Banking-Business-Book-Keeping.png\" alt=\"What is Banking &amp; Book keeping ?\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Basics-of-Banking-Introduction-to-Banking-Business-Book-Keeping.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Basics-of-Banking-Introduction-to-Banking-Business-Book-Keeping-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Basics-of-Banking-Introduction-to-Banking-Business-Book-Keeping-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Basics-of-Banking-Introduction-to-Banking-Business-Book-Keeping-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Basics-of-Banking-Introduction-to-Banking-Business-Book-Keeping-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Basics-of-Banking-Introduction-to-Banking-Business-Book-Keeping-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\nBanking systems range from ATM and credit card networks online and offline processing through high value interbank money transmission systems, to back-end accounting systems that track it all and then settle down. There are specialized systems for everything from trading of shares into bills of lading; and large companies have internal accounting and cash management systems that duplicate many functions flask.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Second, book keeping has been a mainstay of the computer for many years an industry whose most intensive application area is banking. Personal applications such as web browsers and Office can now run on multiple computers, but accounting is still a critical application for the average business. So the protection of accounting systems is of great practical importance. That too it provides us with a well-understood protection model in which confidentiality plays a role small role, but where is the integrity of the records (and their immutability once produced) is of paramount importance. This article focuses on basics of banking: Introduction to banking business and book keeping.\u00a0<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of content<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#What\"><span style=\"font-weight: 400;\">What is banking?\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Objective\"><span style=\"font-weight: 400;\">Objective of banking<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Features\"><span style=\"font-weight: 400;\">Features of banking<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#is\"><span style=\"font-weight: 400;\">What is book keeping?\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Basics\"><span style=\"font-weight: 400;\">Basics of book keeping<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Importance\"><span style=\"font-weight: 400;\">Importance of book keeping<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"What\" style=\"text-align: justify;\"><b>What is banking?\u00a0<\/b><\/h2>\n<p id=\"Objective\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Banking is an industry that processes cash, credit and other financial transactions. Banks provide a safe place to store extra cash and credit. They offer savings accounts, certificates of deposit and checking accounts. Banks use these deposits to provide loans. These loans include home mortgages, business loans and car loans.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Banking can be defined as the business activity of receiving and securing money owned by other individuals and entities and then lending that money for profit. However, with the passage of time, banking business activities have expanded and various other services are now also offered by banks. Banking services today include issuing debit and credit cards, providing safe custody of valuables, lockers, ATM services and online money transfers across the country\/world.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Objective of banking<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business goals.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Social goals.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><b>Business goals<\/b><\/h3>\n<ul style=\"text-align: justify;\">\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Making profits.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Provision of services.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Currency problem.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Creation of transactional media.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Receipt of deposit.<\/span><\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/www.cagmc.com\/benefits-of-loans\/\"><span style=\"font-weight: 400;\">Providing a loan.<\/span><\/a><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Ensuring safety.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Investment.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><b>Social goals<\/b><\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Creating savings.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Capital formation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Industrialization.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Employment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Development of living standards.<\/span><\/li>\n<li id=\"Features\">Development of the economy.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Features of banking<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lending, obtaining or collecting money; lending or advancing money with or without security; drawing, making, accepting, discounting, buying, selling, collecting and dealing in bills of exchange, Hindi, promissory notes, coupons, bills of lading, railway receipts, warrants, bonds, certificates, papers and other instruments and securities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Act as agents of any government or local authority or any other person or persons; carrying on agency business of any kind, including clearing and sending goods, issuing receipts and handling and otherwise acting as a legal representative on behalf of customers, but excluding the business of the [executive or secretary and treasurer] of the company;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Conclusion of contracts on public and private loans and their negotiation and issuance;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Making, underwriting, guaranteeing, underwriting, participating in the management and carrying out of any issue, public or private, state, municipal or other, of loans or stocks, shares, bonds or debentures of any company, corporation or association and lending money for the purpose of any such issue ;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Operating and conducting all kinds of warranty and indemnity business;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The administration, sale and realization of any property which may come into the possession of the Company in satisfaction or partial satisfaction of any of its claims;<\/span><\/li>\n<li id=\"is\">Acquiring and holding and generally dealing with any property or any right, claim or interest in any such property which may form security or part of the security for any loans or advances or which may be attached to any such security;<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>What is book keeping?\u00a0<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to the definition of accounting, bookkeeping refers to the practice of recording and tracking the financial transactions of your business entity on a day-to-day basis.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Typical financial transactions and accounting tasks include:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Billing customers for goods and services sold to them<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recording and organization of invoices received from customers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Verification, registration and organization of invoices received from suppliers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Making payments to suppliers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payroll processing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Preparation of financial statements etc<\/span><\/li>\n<\/ul>\n<p id=\"Basics\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Such systematic recording and organization of financial transactions ensures that the records of each financial transaction are correct and up-to-date.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Basics of book keeping<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">There are five ledger accounts that you should know and understand:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Assets<\/b><span style=\"font-weight: 400;\">: Anything that has value in your business is considered an asset. This includes cash in your bank accounts, your accounts receivable (A\/R), balance (because that&#8217;s money owed to you by customers), as well as inventory, computers, and furniture.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Payables<\/b><span style=\"font-weight: 400;\">: Any debts your business owes are considered liabilities, such as your Accounts Payable (A\/P) balance (because that&#8217;s what you owe vendors), as well as any loans the business owes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Revenue\/Proceeds:<\/b><span style=\"font-weight: 400;\"> Revenue, also called income, is simply any money earned by your business either through products sold or services provided.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Expenses<\/b><span style=\"font-weight: 400;\">: We all know expenses. Your electricity bill, your employees&#8217; salaries, and your business lunch with a potential client are considered expenses.<\/span><\/li>\n<li id=\"Importance\"><b>Equity<\/b><span style=\"font-weight: 400;\">: When you subtract business liabilities from your business assets, you have equity, which reflects your financial stake in the business.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Importance of book keeping<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Creating budgets because income and expenses are properly organized. Such budgets will help you plan your future expenses and the resources you intend to purchase.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Preparing and filing tax returns because financial information is properly organized so you don&#8217;t have to search for receipts or invoices during the tax filing period.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Organizing financial data in one central system, as various<a href=\"https:\/\/www.investopedia.com\/terms\/s\/stakeholder.asp\" target=\"_blank\" rel=\"noopener\"> stakeholders<\/a> such as the tax department, employees, customers, investors and creditors may request this information at any time. Failure to provide such tax-specific financial information may result in penalties or fees.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Analysis of business performance because accountants regularly prepare financial statements that can be used to perform such analysis. In addition, financial statement analysis also helps you track what&#8217;s coming in and what&#8217;s going out.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Better decision-making because all financial information is available in an organized manner.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Planning for strategic purposes as well as taxation. Past financial records help you as a business plan for the future, and these records also play an important role in tax planning.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Preparing accurate financial statements that demonstrate the financial performance of your business to investors. This helps them determine the value of their investment.<\/span><\/li>\n<li id=\"Conclusion\">Control of your business finances, that is, it provides an overview of how and where you need to spend money in your business.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Accounting applications give us a mature example of systems whose security is more oriented towards authenticity and responsibility confidentiality. Their protection aims to prevent and detect fraud committed by rogue initiates. Another major banking application, remote payments, is increasingly important to trade of all kinds. In fact, wire transfers return to the middle victorian era. Because there is an obvious motive to attack these systems, and miscreants who steal large sums and are caught are generally prosecuted, payment systems are a valuable source of information about what went wrong<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banking systems range from ATM and credit card networks online and offline processing through high value interbank money transmission systems, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":38276,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Banking &amp; Book keeping ? | Basics of Banking Business<\/title>\n<meta name=\"description\" content=\"Learn about What is Banking &amp; Book keeping ?. 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