Double Entry

(redirected from Double-entry)
Also found in: Dictionary, Thesaurus, Financial.

Double Entry

A bookkeeping system that lists each transaction twice in the ledger.

Double-entry bookkeeping is a method whereby every transaction is shown as both a debit and a credit. This is done through the use of horizontal rows and vertical columns of numbers. The reason for the use of this bookkeeping method is that if the total of horizontal rows and vertical columns is not the same, it is easier to find mistakes than when the records are kept with only a single entry for each item.

DOUBLE ENTRY. A term used among merchants to signify that books of account are kept in such a manner that they present the debit and credit of every thing. The term is used in contradistinction to single entry.
     2. Keeping books by double entry is more exact, because, presenting all the active and all the passive property of the merchant, in their respective divisions, there cannot be placed an article to, an account, which does not pass to some correspondent account elsewhere. It presents a perfect, view of each operation, and, from the relation and comparison of the divers accounts, which always keep pace with each other, their correctness is proved; for every commercial operation is necessarily composed of two interests, which are connected together. The basis of this mode of keeping books, and the only condition required, is to write down every transaction and nothing else; and to make no entry without putting it down to the two agents of the operation. By this means a merchant whose transactions are extensive, comprising a great number of subjects, is able to known not only the general situation of his affairs, but also the situation of each particular operation. For example, when a merchant receives money, his cash account becomes debtor, and the person who has paid it, or the merchandise sold, is credited with it; when he pays money, the cash account, is credited, And the merchandise bought, or the obligation paid, is debited with it. See Single entry.

References in periodicals archive ?
Europe has centuries of impressive history on double-entry, accrual-basis accounting popularized by 5-star finance ministers who transcend nationality, and the Greece government must show an honest commitment to being a value-contributing member of the Eurozone by appointing a globally respected 5-star finance minister to build trust and confidence.
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.
So it was a very unexpected area for me to be considering writing a book on something as unlikely as double-entry bookkeeping and accounting.
The double-entry reflective journals were subjectively graded by the instructor for completeness and for the students' self-reflection and ability to think critically about the events they encountered.
We just came out with a new self-study course that teaches double-entry bookkeeping in around two hours (one sitting)," Sahlein said.
Although Latin and double-entry accounting have been criticized as irrelevant for the modern world, both provide a basic knowledge foundation.
As the industrial era began, and double-entry bookkeeping was introduced to record changes in wealth, tax policy followed suit with the imposition of an income tax.
balance of payments accounts, a double-entry bookkeeping system, should equal zero.
com, will unveil a new CellSell[R] Accounting Systems Technology Platform On-Ramp Program designed to help smaller growing independent cellular retailers migrate off of disconnected, stand-alone accounting and POS software packages, eliminate double-entry, consolidate dealer and carrier cellular POS technology, provide data autonomy, support growth and better corporate governance.
We strive to provide our clients with the tools needed to operate efficient businesses, and this secure connection will eliminate the need for double-entry, allowing for a seamless workflow," Jessica Billingsley, Co-Founder and CEO of MJ Freeway, stated.
Many experts think it will boost today's commerce just as double-entry bookkeeping led to clearer financial statements that attracted investors and stimulated the Industrial Revolution.
In addition, the CX Plus coulters can be specified with an optional double-entry feed system, enabling their use in grain and fertiliser systems.