Double-entry bookkeeping

(redirected from double entry)
Also found in: Dictionary, Thesaurus, Legal, Wikipedia.
Related to double entry: trial balance

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.
Mentioned in ?
References in periodicals archive ?
GH: Perhaps you might just briefly say something about how double entry bookkeeping allowed one of the chief accounting conventions of going concerns to be made and remain viable.
It's the story of a bank clerk who discovers the principles of double entry book-keeping (for every debit there must be a credit) and, fuelled by his sense of personal injustice, embarks on a one-man campaign of anarcho-terrorism.
The concept of double entry accounting has withstood the test of time.
and 2014-15 where Double Entry Accrual Based Accounting System (DEABAS) has been implemented.
The citizens are being charged double entry fee as they have first to pay park entry fee per head at exorbitant rate and in the same breath they are charged entry fee at the rate of Rs 60 per head in the name of bird ivory.
The formal living room and dining room open to a large entry foyer with double entry doors and secured entry gate.
KARACHI, March 28, 2011 (Balochistan Times): Media Coordinator to Government of Sindh Taj Haider said the persons became citizens of Sindh in accordance with the citizenship law are eligible for registration under the forthcoming Census in the province and double entry would be deemed violation of law.
1983) could never have envisioned the magnitude of recent accounting scandals, his 1960 book and this revised edition are still relevant to protecting against double entry inside theft.
The adult channel had also offered her the chance to cast, produce and direct their new reality TV series Double Entry - Making It Big, as well as presenting the exercise series.
A pounds 2 double entry system will apply and for more details ring the club on 01670 822440.
To correct the problems, San Francisco architects Jerry Lum and David Teeters designed a seamless double entry and courtyard addition.
This course first explains the relevance of finance for the non-financial manager before describing fundamental accounting conventions such as double entry, cash- and accrual-based accounting, and GAAP (Generally Accepted Accounting Principles).