Bookkeeping is the recording of financial transactions of a business or organization. Bookkeeping is the management of record of what is bought, sold, owed, owned; what money comes in, what money goes out, and what is left.

A Financial transaction is any transaction involving money.

Individual and family bookkeeping involves keeping track of income and expenses in a cash account record, checking account register, or savings account passbook. Individuals who borrow or lend money track how much they owe to others or are owed from others.