double entry

Speech parts

1. double entry - Noun

2. double entry - Adjective

Meaning

bookkeeper debits the transaction to one account and credits it to another

Alternative names

double-entry

Synonyms

Hypernyms

Related terms

Examples

Accounting methods improved, partly through the use of double-entry bookkeeping ; letters of credit also appeared, allowing easy transmission of money. Source: Internet

However, innovations such as the spread of Hindu numerals (5th to 15th centuries) and the codification of double-entry book-keeping (1494) provided tools for management assessment, planning and control. Source: Internet

Double-entry system main A double-entry bookkeeping system is a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different nominal ledger accounts. Source: Internet

The two totals must agree—which is not by chance—because under the double-entry rules, whenever there is a posting, the debits of the posting equal the credits of the posting. Source: Internet

In the double-entry accounting system, at least two accounting entries are required to record each financial transaction. Source: Internet

These adjustments must still obey the double-entry rule: for example, the inventory account and asset account might be changed to bring them into line with the actual numbers counted during a stocktake. Source: Internet

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