Financial Records

In the case of McConnel & Kennedy, the survival of the financial records is somewhat sporadic, making it impossible to trace this process through to its conclusion. However, the existence of large numbers of original receipts and invoices will prove valuable to the researcher attempting to piece together the firm's financial history. The financial records are also useful for those seeking to understand the organisation of the business and the development of modern business practice. An interesting overview of yarn sales for the years 1795-1888 can be found at MCK/3/3/8.

The financial records of McConnel & Kennedy were maintained using a fairly standard format of double-entry book-keeping. Firstly, there were books of prime entry: these comprise all books used to record day-to-day activities of the concern such as the cash book, the day book and invoice books. These were then transferred into the journal, sometimes known as the book of arrangement, for each function of the business such as sales and purchase. Entries from the journal were then entered into the ledger. Each year, or half year, the accounts would have been audited and balance sheets signed by the auditors would have been prepared.