The First Book, Called the Memorandum, Scrap Book, or Household Expense Book. What Is to be Understood by It, How Entries Should be Made in It, and by Whom.

The Memorandum, or as it is sometimes called, Scrap Book or Household Expense Book, is a book in which the businessman records all his transactions, large and small, in chronological order regardless of their size. He will record in detail in this book everything bought or sold, omitting nothing, clearly mentioning the who, what, when, and where of the transaction, such as previously described in connection with the Inventory. Many businessmen customarily record their Inventory in this book. However, it is not wise to enter personal and real property here since it passes through many hands and before many eyes.