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     Balance of Payments (BOP) In this article we will cover the following topics: 1.       Current account 2.       Financial account 3.       Capital account 4.       Balancing items 5.       Balance of payments equilibrium 6.       Factors affecting BOP 7.       The reason why should we concerned about deficit in capital account 8.       Cycling nature of Current account 9.       Pakistan BOP of 2021 updates Definition: The Balance of Payments is a record of a country’s transactions with the rest of the world. It shows the receipts from trade. It consists of the current and financial account. 1. Current account This is a record of all payments for trade in goods and services plus income flow it is divided into four parts. Balance of trade in goods ...

Maintaining accounts for any business is not an easy task. Even small businesses, irrespective of their size, pose a challenge because it is difficult to keep track of bills, expenses and sales altogether. Small businesses are often a one-man show, which often making bookkeeping and tracking transactions is pretty tricky.    It is important that small business owners possess at least basic accounting knowledge so as to manage their business better.  Tips for Efficient Bookkeeping The following tips will help for efficient bookkeeping and maintain proper books of account:  Decide on the Method of Bookkeeping   First and foremost, one must determine whether the business will be maintained on a cash system or accrual system of accounting . The cash system is where the transactions are recorded as and when money changes hands. Anyone with a fundamental understanding of accounting can maintain a cash system of accounting. The accrual system, on the other hand is a l...