Popular accounts credit the Italian monk Luca Pacioli
with inventing double-entry bookkeeping around 1494.
The foundation of modern accounting began during the Renaissance period when Italian mathematician Luca Pacioli
published a book detailing the benefits of a double-entry system for recording accounting transactions that provided greater transparency to shareholders.
This was codified by Luca Pacioli
who published a major survey of mathematics in 1494 that included a 27-page description with examples of double entry book-keeping and its utility (Double Entry, How the Merchants of Venice Created Modern Finance, by Jane Gleeson-White, W.W.
In 1494 Luca Pacioli
, a Franciscan friar and mathematician, codified their practices by publishing a manual on math and accounting that presented double-entry bookkeeping not only as a way to track accounts but as a moral obligation.
It is interesting to note that while Friscia is considered the "Father of the ultimates," an earlier Italian, Luca Pacioli
(1447-1517) from Tuscany, is recognized as the "Father of accounting."
The father of accounting, Luca Pacioli
, would publish an accounting textbook in 1494.
Only later in the 15th century, Luca Pacioli
, the father of accounting, from Italian origins, established the codification expression of double-entry to develop a financial accounting system, leading in time to modernize financial management and accounting.