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About Account Blocks

Accounting plays a crucial role in businesses of every size. However, it often becomes an afterthought for several small business owners, especially when they're juggling all other responsibilities of managing and maintaining day-to-day activities. Besides, many of them dread the idea of bookkeeping and accounting. But, the actual process of account keeping is easy when you have the right account blocks or books in hand. In this guide, we'll take you through the many options of account books that'll help you sort your finances in a hassle-free manner. So read on.

Before you explore their types, know that there's no need to keep your accounts in a particular way. However, you must make sure that the account-keeping must accurately reflect your business's income and expenses. Moreover, the size of your business and the amount of sales determines the kind of account block you choose. You could also rely on accounting software, but nothing beats the account books when it comes to keeping track of your finances. That said, let's now have a look at a few significant types of account books that you can consider investing in.

Organise your accounts with these significant types of account books 

Generally, you need to have two major books of accounts – the journal and the ledger. You use the journal to record various economic transactions chronologically. At the same time, ledger helps you classify economic activities according to nature. Moreover, you'll see that the journals easily find their way in large business organisations. That's because they make it convenient for you to journalise every transaction in one journal. Besides, you'll find them divided in such a way that there's the separate book used for each class of transactions. Similarly, you can find many other types of account blocks out there. Below we've compiled a list of few major ones.

The petty cash book

Indeed, all the companies need a significant cash book. However, many time companies also tend to maintain a small cash book known as petty cash book. This helps you record the small day-to-day expenditures of the company. In short, it's a type of account book that you can use to record regular minor expenses such as bus fares, teas, newspapers, fuel, pins, cleaning, and causal labour etc. Typically, you enter the cash allocated for petty cash expenditures for a specific purpose on the credit side of the book.

The ledger book or the account ledger

The accounting ledger is an account block used to record bookkeeping entries for balance-sheet and income-statement transactions. The accounting ledger journals include entries like accounts receivable, investments, inventory, accounts payable, accrued expenses, and customer deposits. Besides, you maintain accounting ledger for all types of balance sheets and income transactions. By the way, the accounting ledgers are entirely referred to as general ledgers too. That's because it provides a centralised repository to collect all account data rolled up from various modules.

The cash disbursement book

Usually, the company's internal accountants itemise all the financial expenses with the help of this cash disbursement book. The accounts reconcile these records with the general ledger accounts monthly. Next, they use these to create financial statements for regular accounting periods. Furthermore, these journals contain essential information such as the disbursement amount, check number, transaction type, payee, payer, and memo. However, some businesses also record many other details in them. These details include discounts on bulk items purchased.

The cash receipt journal

The cash receipt journals are special account blocks that you use to record the receipt of cash by the business. In fact, the book is simply a chronological listing of all the receipts including both cash and cheques. Besides, this also helps save time and reduce clutter in the general ledger with too much detail. Above all, they help you easily segregate the duties. Many a time, several businesses tend to merge the cash receipts journals with the cash disbursements journal. You call this as a 'cashbook'. In short, they're a book of prime entry.

Tips on how to buy the best Account Blocks online

Your account blocks are a place to review and analyse your business's income and expenses. By keeping a sturdy, stylish, and clean account book, you can smartly take control of your finances. However, you must know how to pick a perfect book. And for that, you should consider the following tips.
  • Create a checklist of what you'll need– Creating a list of what you want is one of the first and foremost things to do before shopping or browsing for your perfect account book. Understand the various terminologies in accounting and how you can jot down your income and expenses. Also, lost down the features you'd want in your account blocks.
  • Figure out your accounting methods– When starting an account bookkeeping system, you need to first decide on a technique for recording the transactions. That's because you can use different ways to record your income and expenses. Besides, you'll find various kinds of account blocks for different methods. Figuring out your accounting needs helps you quickly pick out the best model.
  • Decide on how you'll record transactions– Once you choose an accounting method, next figure out how you'll record your transactions. Small or large, there are various methods of recording your transactions. You can write them by hand, hire an account, or even get the software. Besides, the way you record your transaction determines the kind of account book you choose.
  • Check out the size options– Just like any other notepads & notebooks; you'll see that there are several size options when it comes to account books. You can also find them in different orientations – landscape and portrait. Make sure you assess your needs first and then go for the ones that best suit your needs.
  • Keep an eye on the design– Indeed, the primary function of the account blocks is to record the financial details of your business. However, that doesn't mean it has to be ugly and dull. Today, you can find these books in several stylish designs. But, ensure that you pick a model that suits your business and its needs.
  • Look out for the insides– Account books have different designs and prints when it comes to their interiors. Generally, you'll find rules, columns, rows, grids, and tables. Therefore, it's vital to check out the interiors of the book before you make your final call. That's because someone who wishes to jot down fewer details wouldn't require too many columns and rows.
  • Pick one with tough covers– With all the insides features, it's also important not to leave out the externals. Usually, you have the option of picking out between hardcovers and soft ones. Hardcovers tend to be rigid and durable as compared to the soft covers. Besides, you can easily write on them, even when you place them on your lap.
  • Choose an affordable model– Being a versatile product, you can find them in different price ranges. You'll find cheap accounting books at low rates, as well as several expensive ones. Make sure set aside a budget before you buy yours. Also, you can always buy accounting book for sale online in UAE to save a few bucks.
Accounts bookkeeping is important for all kinds of business. Besides, there isn't a single business person who doesn't benefit from having the perfect account blocks. We hope the above tips and tricks will help you pick your model effortlessly. Also, make sure that you do not blindly choose a model. Carefully, observe the model and then make your final call.

Question & Answer

What is the best accounting book for beginners?

You see, accounting is no child's play. Moreover, it plays a critical role in enhancing your business and helps keep financial things at your firm, organised. That's why you could always seek a little help from experts. Today, you can find several, interesting books with themes' account bookkeeping for dummies'. Some other best accounting books for beginners include Double-entry bookkeeping and Adjustments: By Toye Adelaja, Accounting Made Simple: Accounting Explained in 100 pages or less: by Mike Piper, and many others as such.

Which is the best book for financial accounting?

"Best" means different things for different people. One that suits you might not sit well with others. Which is why the best accounting block is something that fulfils your requirements. However, there's one thing that always needs attention, regardless of what model you choose. And that's – the quality. Nothing is as important as the quality of your account books. A good quality account block makes up for the best account keeping. One of the best ways to ensure that you have the best quality account blocks is to pick them from known brands. Some of the popular names in this field include FIS, PSI, Acca, Wiley, and Collins.

Where can I buy an account book online in UAE?

With more and more people finding ways to organise their finances, online stores and shops have been on the move to offer several kinds of account blocks. From the double ledger books to columnar books and sales journal, today you can find many account books online. However, finding the best accounting book for business becomes a bit tricky, especially when you've to hunt several websites and web portals. Well, if you wish to avoid this and get your best model from your favourite online stores on a single platform, then check out Shops.ae. This product search engine brings you a plethora of best cost accounting book from popular brands. Account keeping is an art, and you ought to get it right if you want your business to run smoothly and adeptly. And the account blocks play a vital part in doing so. We hope this guide has filled up with adequate information about account keeping and the books that you need to do it right. So, get started and explore your options on Shops.ae. And yes, do not miss to check out various other office supplies right here!