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.

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A new perspective on the evolution of double-entry bookkeeping.
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.
Apparently, the firm's balance sheet is constructed based upon the basic principles of double-entry bookkeeping (i.
And if profit and loss might inhere within what appears to be a "balanced" structure, does that not suggest the possibility that double-entry bookkeeping might promote systemic unfairness or at least provide another potential site for its development?
Jane concentrates on the central concept of the surplus early on and its relationship to double-entry bookkeeping.
The value of double-entry bookkeeping for the day to day Management and control of a firm's assets was simply that it made easier to marshal and keep an eye on facts relevant to running the business.
We just came out with a new self-study course that teaches double-entry bookkeeping in around two hours (one sitting)," Sahlein said.
Venkatrathnam guide readers through the concepts and processes that every bookkeeper needs to know, including: single-vs double-entry bookkeeping, cash- vs accrual-basis accounting, posting financial transactions, keeping a "paper trail" of source documents, preparing a trial balance, creating financial statements, establishing internal controls, preparing for the annual audit, and closing out the fiscal year.
Iraq, which is more or less equivalent to the region between the Tigris and Euphrates rivers that was ancient Mesopotamia, is viewed by scholars as the cradle of Western civilization: site of the biblical Garden of Eden and seedbed of the cultures that gave the Western world its first cities, writing systems, libraries, legal codes, coins, calendars, double-entry bookkeeping and farming techniques, among many other things.
She said that when she complained about the lack of double-entry bookkeeping or cashflow statements at the EU, the failure to comply with important elements of financial regulation and a lack of security for the accounts she was told, ``You are well paid to sign off the accounts; now sign off the accounts.
So obviously, even though we have double-entry bookkeeping and the balance of payments is always in balance, the way it's working seems to be that there's more pressure coming from the inflow of capital than there is from the deficit in trade.