double entry
Debit meets credit
Double entry is a bookkeeping system where every financial transaction is recorded in at least two accounts—a debit in one and a corresponding credit in another.
The method ensures the accounting equation (assets equal liabilities plus equity) stays balanced: The company switched to double-entry bookkeeping when it outgrew its spreadsheets.
If the books don't balance, an error has occurred somewhere.
- bookkeepingRecording financial transactions systematically
- ledgerFinancial record book
- debitSubtraction from account
- creditRecognition or payment deferral
- accountsRecords of transactions
balance · balance sheet · chart of accounts · journal · reconciliation · assets · liabilities · audit · spreadsheet · columns · figures · transactions · posting · entries · accountant · bean counter · trial balance · equity
- financebank, CFO, banks, controller, finance
- accountingbookkeeping, ledger, balance sheet, general ledger, accounts payable
- Input Errorstypo, misspelling, misclick, wrong key, fat finger
- Copy Errorstypo, misspelling, misprint, transcription error, transposition
- Corporate Accountingbalance sheet, income statement, financial statements, accounts payable, accounts receivable
- data errorstypo, data loss, misspelling, duplicate entries, typos