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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References in periodicals archive

Some throwaway lines are presented in this book that are simply wrong, such as the statement that double entry bookkeeping was essential for those operating in the international slave trade (p.

Jacob Soll: The Reckoning: Financial Accountability and the Making and Breaking of Nations

There is confusion in Double Entry between accounting as a tool of management and control and the actual form and procedure of double-entry bookkeeping.

Double Entry: How the Merchants of Venice Created Modern Finance

The argument, particularly about double entry and especially as it gets closer to the present, tends to slide from causal analysis to synecdoche (using part of something to refer to the whole).

Jane Gleeson-White: Double Entry: How the Merchants of Venice Shaped The Modern World--and How their Invention Could Make or Break the Planet

Double Entry: How the merchants of Venice shaped the modern world.., and how their invention could make or break the planet tells the story of double-entry bookkeeping, from its emergence in northern Italy during The Crusades and its codification by Luca Pacioli in1494, to its rise to prominence in the hands of a new profession-accounting-during the Industrial Revolution an 20th century.

Luca Pacioli's double entry and the birth of financial management: Venetian trade was booming at the end of the 11th century and saw the introduction of double-entry book-keeping. Here's how it evolved ..

Double Entry Book Keeping and the Calculation of Profit

Double entry book keeping: a conversation

Double entry is pounds 5 and registration is between 11.00 and 12.30.

Sports shorts

Because this is written in the UK, some issues, such as VAT taxes, may not apply outside; but the basics of understanding wages, taxes, accounts, and double entry book-keeping are essential to any small business.

Book-Keeping & Accounting for the Small Business

Buy Plan Management is completely interfaced with SAI's core systems, eliminating double entry and inherent errors.

SDI taps into SAI know-how

AID eliminates the double entry of information that previously had to be entered into both the ACD and workforce management system.

Symon updates Symon Community

* Eliminate double entry of data into information and accounting systems.

Alpha Five/QLinker. (Database/Network News & Products)

While double entry is specific to accounting, it has many properties in common with networks and circuitry, topics routinely encountered in engineering, chemistry, and elsewhere across the University.

An academic curriculum proposal

But that's exactly what did happen when Paul Tickell's film, Christie Malry's Own Double Entry was left to gather dust for two years as British distributors gave it the cold shoulder.

Credit where credit's due; Mike Davies balances the books with Nick Moran