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Thats why the balance sheet accounts are also referred to as permanent accounts. Accurate bookkeeping is crucial to every business but few people relish the task. Part 1 of 6 learn how to create a bookkeeping spreadsheet using microsoft excel. Debits and credits are used in doubleentry bookkeeping using bookkeeping journals. Accounting is not confined to keeping a record of financial transactions. Youll accurate and complete bookkeeping is crucial to any business owner, but its also important to those who work with the business, such as investors, financial institutions, and employees. Our infographic will guide you through the essential documents you need, including helpful tips on finding an accountant for your small business. Accelerated method rate straight line rate x applicable % applicable % 150% for 150 db and 200% for double declining sumofyearsdigits cost salvage value x applicable fraction. Follow this process when there is a merchandise purchase order associated with the vendor invoice. Bookkeeping requires knowledge of debits and credits and a basic understanding of financial accounting, which includes the balance sheet and income statement.