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double-entry bookkeeping
Sign in to saveAlso known as double-entry accounting
seamless, chronological and factual ordered recording of all business processes in a company based of documented evidence
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- Commons category
- Double-entry bookkeeping
- time of earliest written record
- 1340-00-00
- time of discovery or invention
- 1494-00-00
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Double-entry bookkeeping, also known as double-entry accounting, is a method of bookkeeping in which every financial transaction is recorded with equal and opposite entries (debits and credits) - thus "balancing the books". The purpose of double-entry bookkeeping is to maintain accuracy in financial records and allow detection of errors or fraud.
The basis of double-entry bookkeeping is the accounting equation:
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