Backup
Backup is an electronic copy of the financial data. This could be either to a cd disc, usb drive or some sort of cloud storage. Backups are vital to preventing loss of data if the computer crashes. The last thing you want to do is spend hours re-entering all the transactions for the previous months and re-do the bank reconciliations and everything else.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Backup. An electronic copy of the financial data. This could be either to a cd disc, usb drive or some sort of cloud storage. Backups are vital to preventing loss of data if the computer crashes. The last thing you want to do is spend hours re-entering all the transactions for the previous months and re-do the bank reconciliations and everything else.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
