Luca Pacioli

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Luca Pacioli

A Franciscan friar who is widely regarded as the father of modern accounting. While he did not invent double-entry bookkeeping, he was the first to write a treatise on it. He was also the first to describe balance sheets and income statements. He famously said, "A person should not go to sleep at night until the debits equal the credits." He died in 1517.
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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.