Accounting
Double-Entry Bookkeeping
Definition
|
5 Related Terms
What is Double-Entry Bookkeeping?
Double-Entry Bookkeeping is an accounting method where every financial transaction affects at least two accounts with equal and opposite entries (debit and credit). This system ensures the accounting equation (Assets = Liabilities + Equity) always remains balanced and provides a complete record of financial transactions. Developed by Luca Pacioli in the 15th century, it's the foundation of modern accounting and is inherently followed in Tally.
People Also Search For
double entry bookkeeping
double entry system
double entry accounting
accounting principles
Need Help with Accounting?
Our certified experts can help you with accounting setup, financial reporting, and bookkeeping.