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This is a free online exercise offered by a business in New Zealand that traces a business transaction. One can download the free software to practice the entries.

If you would like to know how to better manage your personal finances our aim here is to provide you with an easy example of a bank statement reconciliation and a budget and at the same time illustrate some of the basic principles of double-entry bookkeeping using our LedgerLite program.

Because the same concepts apply to both personal and business finances you may be surprised to discover you are actually taking the first steps towards becoming the financial controller of a large organisation.

Even if your career aspirations are not so ambitious or your interests lie in areas other than accounting (which is understandable!) a good grasp of double-entry bookkeeping can be of significant value in managing your own financial resources. The ability to understand financial reports such as a balance sheet or an income statement is useful when making an investment decision and what better way to become familiar with them than by using them on your own personal finances.

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