What Are the Steps to Record Accounting Transactions?

Recording accounting transactions requires you to follow a few basic, easy-to-manage steps. Find out about the steps to record accounting transactions with help from a small business owner and active advocate for the small business community in this free video clip.

Part of the Video Series: More Small Business Questions

Video Transcript

Hi, I'm Shawn Herring, your small business coach. So, what are the steps in recording an accounting transaction? The very first - and the most important - is to make sure that you have a mechanism to actually record the sale. The next is having a front end. That means that when a sale happens, you have a way to record that, and then when you actually collect the cash, you have a way to kind of tie them together. So, the most important part is to have a mechanism to collect the transactions. The next part is to have a way to reconcile the sale and the actual collection of the cash. I'm Shawn Herring. Thanks for joining me.

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