Introduction to Selden's Book
The new system of Book-keeping introduced by the accompanying illustrative forms, contain within themselves their own demonstration. The captions of the blank forms sufficiently indicate their uses without explanation. Utility and simplicity are united to as great an extent as practicable, and they are carried much further than by any previous structure.
A correct record of business transactions is necessary in all systems of Book-keeping, consequently original explanatory entry in indispensable. For Governmental Accounts, this is amply provided for in the Forms of Record of the Auditor and Treasurer, which present a clear and concise exhibit of all Receipts and Disbursements in their respective departments, and of distributions derived from Taxes, Appropriations, Profits and Loss or Transfers, Auditorial, Congressional or otherwise, as provided for by Law. With regarding to the Condensing Books now known viz: the Journal, which compacts preceding books in a comparatively small space, and the Ledger, which compacts the Journal, and until now regarded the extreme condensing book of accounts, they are superseded by the Condensed Ledger, which fully supplies their place, dispenses with the absolute necessity of an Index, and presents a continual Balance Sheet, determining its correctness the whole time, which important result an adept in Book-keeping will perceive at a glance. By my system of arrangement, the Departments of Auditor and Treasurer are completely counterparted, and no error can occur which is not susceptible of quick discovery, as the only legitimate difference in the accounts between them must exist in the Floating Orders.
The Condenses Ledger which shows only monthly postings of accounts, may answer for any other interval. The Reports may also embrace any time period. Aggregates or Balances of accounts may be carried forward indiscriminately, at any period, without changing the result. Governments usually continue aggregates for the Fiscal Year, adopting only the balances at the commencement. Individuals may be governed by intervening settlements, or convenience.
Respecting the Mercantile Ledger, comprising many and various accounts, my Ledger as a re-condensor thereof, classifying those accounts under a few comprehensive titles, and indicating Financial Condition instantly in invaluable.
The author, always desirous of promoting the public good, does not in this instance, disclaim a hope of pecuniary reward; to this end he has taken steps to secure his right to some personal compensation, for what he thinks, a valuable discovery. In addition to the copyright of this little book, he has applied for a patent right to cover the forms of the publication, and prevent their indiscriminate use by the public.
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