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 ?
This enhancement to the double-entry method provides a cryptographically sealed receipt containing a unique digital signature for each entry, thereby making fraudulent alterations almost impossible.
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.
While some believe that such valuations (some calculated on bases owing little to double-entry, one might add) should be constructed and incorporated 'into the accounts', proponents of both non-financial but quantitative reporting and non-quantitative disclosures, in media and forms unrelated to the conventional annual report, may also be found.
Woodbridge's exhortation to reconsider injustices represented within revenge plays is well taken, but several points in the book warrant expansion, especially the connection to double-entry bookkeeping.
(1914), Ancient Double-Entry Bookkeeping (Denver: J.B.
The difficulty lay in the fact that the transactions needed to incorporate the manufacturing of products into the existing double-entry system were not financial transactions; they did not involve the exchange of goods, but such manoeuvres as adding the cost of labour acquired or materials bought.
Jane concentrates on the central concept of the surplus early on and its relationship to double-entry bookkeeping.
According to Wikipedia, a web-based encyclopedia, the double-entry bookkeeping system was codified in the 15th century and refers to a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different accounts.
The Ministry of Strategy and Finance adopted the accrual basis accounting and double-entry bookkeeping system to all sectors of national finance in fiscal year 2009.
He proposes a market capitalization statement based on a modification of 19th century double-entry accounting that puts it in a modem context.