Quick Answer: What Are The Methods Of Record Keeping?

What are the 5 typical stages in a record keeping system?

These five easy steps will help you create a simple financial record-keeping system: capture, check, record, review, and act.Capture the Information.Check to Make Sure the Information Is Complete and Correct.Record the Information to Save It.Consolidate and Review the Information.Act Based on What You Know.More items….

What is another name for documentation?

Synonyms & Antonyms of documentationattestation,confirmation,corroboration,evidence,proof,substantiation,testament,testimonial,More items…

What is the meaning of documentation?

Documentation is any communicable material that is used to describe, explain or instruct regarding some attributes of an object, system or procedure, such as its parts, assembly, installation, maintenance and use. Documentation can be provided on paper, online, or on digital or analog media, such as audio tape or CDs.

What is another word for retention?

What is another word for retention?custodymaintenancepreservationretainingconfinementdetainmentdetentionholdingreservationwithholding64 more rows

What is another word for record keeping?

Record-keeping Synonyms – WordHippo Thesaurus….What is another word for record-keeping?registeringactionreportingrecountingdocumentationauthorisingUKsigning upsigning onkeeping recordsenlistment18 more rows

What is a system of record keeping?

Systematic procedure by which the records of an organization are created, captured, maintained, and disposed of. This system also ensures their preservation for evidential purposes, accurate and efficient updating, timely availability, and control of access to the them only by authorized personnel.

What are the advantages of record keeping?

Advantages of Keeping Good Accounting RecordsWell kept records means tax saving. … Good accounting records act as backup for all income and business expenses incurred in time of audit. … Good records shorten the length of time that an audit takes to be completed. … Good record keeping complies with the law.More items…

What are the types of records?

Some of the most significant record types are:Property records – title deeds and settlements.Accounting papers – including rentals, vouchers, surveys and valuations.Legal papers.Inventories.Correspondence.Enclosure papers.Manorial papers – court rolls, custumals, terriers, surveys etc.Personal and political papers.More items…

What are characteristics of records?

Four essential characteristics: – Authenticity-A record must be what it purports to be. – Reliability-A record must be a full and accurate representation of the transactions, activities, or facts to which it attests. – Integrity-A record must be complete and unaltered.

What are the different methods of record keeping?

Make sure you keep track of these five types of records for your business.Accounting records. Accounting records document your business’s transactions. … Bank statements. Bank statements are records of all your accounts with the bank. … Legal documents. … Permits and Licenses. … Insurance documents.