Double-entry bookkeeping

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Double-entry bookkeeping

Accounting method that records each transaction as both a credit and a debit in different accounts.

Double-Entry Bookkeeping

A system of accounting where every transaction is recorded as a debit to one account and a credit to another. That is, one who uses a double-entry bookkeeping system records each transaction twice, such that each credit (representing revenue) is recorded as a credit to one's capital account and as a debit on one's bank account. For example, if a company sells a product for $100, it adds $100 to its capital account and subtracts $100 to its bank account. One way of conceptualizing the bank account is from the bank's perspective: the debits are debits because any asset in a bank account represents a liability for the bank; this is why they are subtracted instead of added. However, the data are recorded twice to prevent errors in bookkeeping: the total debits and credits recorded should add to zero.
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Truckers now simply email their accountant a copy of an active spreadsheet direct from their home or laptop computer and are able to view or print meaningful professional reports each month to obtain a snapshot of the business and the current bottom-line, all without the need of any prior bookkeeping or double-entry accounting knowledge or experience.
Technology hasn't changed the basic theory of double-entry accounting.
Because Virtual Accountant is a true, auditable double-entry accounting system, we will be able to pass audits in a reasonable amount of time without draining resources from our company or having to slow down our business operations.
Whether it is a feature like the Navigation Aids, which helps businesses navigate through the accounting program, or a feature like Accounting Behind the Screens(TM), which handles all the math and double-entry accounting so small businesses don't have to bother with it, Peachtree makes powerful accounting easier to use.
QuickBooks was designed especially for people not trained in double-entry accounting.
It's packed with features like Accounting Behind the Screens that handles all the math and double-entry accounting automatically.
The service offers double-entry accounting, customized reporting, true closing of books, and flexible budgeting, as well as wizards that automate many processes and repetitive entry tasks.
Accounting Plus is a fully integrated, double-entry accounting system designed to fit the needs of small businesses with both powerful accounting and comprehensive business management capabilities.
Screens(TM) which handles all the double-entry accounting for small
Great Plains Profit Version 2 is accounting software designed for small businesses who have outgrown their manual or computerized bookkeeping systems and now need legitimate double-entry accounting.