double-entry bookkeeping
Sign in to saveseamless, chronological and factual ordered recording of all business processes in a company based of documented evidence
Article
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: