Bookkeeping
consists of rules and procedures relating to
the processing of financial data that
ultimately leads to the preparation of
financial statements.
A bookkeeper normally prepares the
day-to-day financial data for a real estate
brokerage in a prescribed fashion usually
outlined by the brokerage’s
accountant/financial advisor. Statutory
requirements are set out in the applicable
real estate act and regulations. Brokerages
can elect to have the bookkeeping function
performed by staff, an accounting firm, or a
combination thereof.
Although the difference between
accounting and bookkeeping can be somewhat
vague, accounting generally relates to the
transferral of information from various
journals into the general ledger, with the
subsequent production of financial
statements for the brokerage. On the other
hand, bookkeeping focuses on the recording
of entries into the journals, the
maintenance of those journals, cheque
issuance, and basic reporting usual to the
day-to-day operation of the brokerage.
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