USES OF DOUBLE ENTRY BOOK KEEPING AND TRIAL BALANCE
USES OF DOUBLE ENTRY BOOK KEEPING AND TRIAL BALANCE
Double-entry book keeping is the systematic recording and keeping of business account. In double-entry book keeping, every business transaction affects two or more accounts. This system of recording takes its name from the fact that equal debit and credit entries are made for every transactions.
One important rule of book keeping is that, for any debit entry in the account, there must be a…
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Journals are books that contain chronological (orderly) records of the day-to-day transactions of a business. Journals are like diary. They are used mainly for recording business transactions daily in the order in which the transactions take place. The information recorded in the journal is usually obtained from the source documents.
Journals are sometimes called book of original entry or day…
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Managing business is onerous, it is not that easy as it seems to be. Lots and lots of transactions are involved and many other things, that could end up with a mess. So, there is a strong need of a way to manage all the transactions and that way is, what I m going to discuss.
The book used to record business transactions is called Ledger or general Ledger. It is the second step involved in the…
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by Laxmikanthanayaka T. O | Prof. Laxmana P "Digitalisation in The Banking Sector"
Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | International Conference on Digital Economy and its Impact on Business and Industry , October 2018,
URL: http://www.ijtsrd.com/papers/ijtsrd18666.pdf
Direct Link - http://www.ijtsrd.com/management/other/18666/digitalisation-in-the-banking-sector/laxmikanthanayaka-t-o
call for paper arts, arts journal, peer reviewed journal
Paper Detail :
It was only in the late 1980s that Indian banks took to computer is at ion seriously. They had to improve customer service and tone up book-keeping and MIS reporting. Their large customer base in terms of numbers was mostly comprised of ""low balance"" accounts. An effective but low-cost tool that could handle the transactions was needed. It led them to embrace digital is at ion. They started with standalone PCs and migrated to Local Area Network LAN connectivity. Core Banking Solution CBS platforms followed that transformed branch banking into bank banking. CBS helped banks to provide ""anywhere and anytime banking"" service to customers. The researcher set out to ascertain the implications of such digital is at ion for bank customers. He interviewed bank officers and bank customers for the purpose. He concluded that digital banking was customer-centric in design and purpose. As a result, banks were in a position to offer an ""experience"" to their customers as against the ""convenience"" they offered presently. One such ""experience"" banks lately offer is worth citing here. To access information about account balance or to receive a mini statement through SMS, all that the customer has to do is to give a missed call to the bank concerned by dial ling a bank-designated mobile phone number. Another digital product innovation, namely, UPI Aadhaar-based payments make banking seamless for customers, particularly rural customers, who are not familiar with the English language. Thus, digital is at ion has proved to be positive sum game for all stakeholders. The penetration of banking services into rural India is still on the low side but mobile penetration is on the higher side. By leveraging this advantage banks can afford to raise their rural penetration since they can ensure the financial viability of their rural operations.Â
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