Double Entry
Bookkeeping Ingredients
What is Double Entry Bookkeeping ?
Double-entry bookkeeping is a systematic method of bookkeeping that requires every financial transaction to be recorded in at least two accounts. Every business transaction is recorded in at least two accounts - debit accounts and credit accounts. This ensures that the total debits always equal the total credits and that the accounting equation (Assets = Liabilities + Equity) is always in balance.
Double Entry