Bookkeeping is a concept of the modern accounting process maintaining data of financial transactions that include sales, purchases, receipts, and payments. It is used to Record, Analyze, and Prepare financial transactions, statements on a daily basis of a business entity. It is a set of corresponding entries that abide by the rules of GAAP (Generally Accepted Accounting Principles).
Yes, It is mandatory to keep the record of each transaction. All the books record needs to keep safe for the last 7 years.
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