Waste book
Encyclopedia
A waste book was one of the books traditionally used in bookkeeping
. It comprised a daily diary
of all transactions in chronological order. It differs from a daybook in that only a single waste book is kept, rather than a separate daybook for each of several categories. The waste book was intended for temporary use only; the information needed to be transcribed into a journal in order to begin to balance one's accounts. The name of the book derives from the fact that, once its information was transferred to the journal, the waste book was unneeded.
The use of the waste book has declined with the advent of double-entry accounting.
Bookkeeping
Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually...
. It comprised a daily diary
Diary
A diary is a record with discrete entries arranged by date reporting on what has happened over the course of a day or other period. A personal diary may include a person's experiences, and/or thoughts or feelings, including comment on current events outside the writer's direct experience. Someone...
of all transactions in chronological order. It differs from a daybook in that only a single waste book is kept, rather than a separate daybook for each of several categories. The waste book was intended for temporary use only; the information needed to be transcribed into a journal in order to begin to balance one's accounts. The name of the book derives from the fact that, once its information was transferred to the journal, the waste book was unneeded.
The use of the waste book has declined with the advent of double-entry accounting.