ACCOUNTING SYSTEM Definition

ACCOUNTING SYSTEM is the set of manual and computerized procedures and controls that provide for identifying relevant transactions or events; preparing accurate source documents, entering data into the accounting records accurately, processing transactions accurately, updating master files properly, and generating accurate documents and reports.

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TIME DEPOSIT is a bank deposit that can be withdrawn only after a set period of time or with prior notice, e.g. a certificate of deposit (CD).

POSTING, in bookkeeping, is to list on the companys records, such as to list the detail of sales and purchases on the accounts receivable or payable records.

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