The Day Book in Historical Accounting

This week’s episode takes a deeper look at the Day Book, the first book defined in historic Bookkeeping, the original book of record for transactions.

The Day Book today is called operational systems, which records transactions chronologically. Historically it was recorded as a narrative, recording who, what, where, when, how much, including currencies, terms, addresses, etc. Our systems today are much less narrative in nature, much more described in structured data, but they still aim to be very comprehensive in recording each transaction.

However, these systems do not typically perform the following aspects of the accounting system: (1) they do not create debit/credit representations; (2) they do not hold historical data, or historical perspectives; (3) they do not provide enterprise views. These are performed within the other books of bookkeeping, which we’ll explore in the next two episodes of Conversations with Kip.

This is Episode 124 of Conversations with Kip, the best financial system vlog there is.

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