Double Entry

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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 ?
The regulation also states that if owners aim to buy other securities on foreign stock markets, using the proceeds from selling double-entry securities or GDRs, investors have to conclude the purchase within 15 days of the sale date.
The book's thesis is convincing, although I do not have sufficient historical knowledge to find examples of long-lived successful institutions with no bookkeeping or short-lived institutions that failed that had good double-entry bookkeeping, auditing, and reporting.
The leap from a famous fifteenth-century treatise on double-entry bookkeeping to the modern world sees the extension of "accounting" to include economics and the environment.
1927), "The antecedents of double-entry," The Accounting Review, Vol.
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.
Jane concentrates on the central concept of the surplus early on and its relationship to double-entry bookkeeping.
The first two tiers of knots are double-entry accounts, they think, and the third is a summary of the numbers.
Each class member was instructed to keep an on-going double-entry reflective journal of everything they did and learned as they worked on the project.
This is not a course that teaches people to become bookkeepers; anyone who does not have a command of double-entry accounting would be utterly lost from Day 1.
The nursery will have a garden and outside play area with CCTV security and double-entry door locks.