What is Waste Book?

Legal Definition
A waste book was one of the books traditionally used in bookkeeping. It comprised a daily diary of all transactions in chronological order. It differs from a daybook in that only a single waste book is kept, rather than a separate daybook for each of several categories. The waste book was intended for temporary use only; the information needed to be transcribed into a journal in order to begin to balance one's accounts. The name of the book derives from the fact that, once its information was transferred to the journal, the waste book was unneeded.

The use of the waste book has declined with the advent of double-entry accounting.
-- Wikipedia
Legal Definition
Com. law. A book used among merchants. All the dealings of the merchant are recorded in this book in chronological order as they occur.
-- Bouviers Law Dictionary
Legal Definition
A book used by merchants, to receive rough entries or memoranda of all transactions in the order of their occurrence, previous to their being posted in the journal. Otherwise called a "blotter."
-- Black's Law Dictionary
Legal Definition
A book of original entry of accounts in which all transactions are entered; a blotter.
-- Ballentine's Law Dictionary