Double Entry

After having rejected double-entry bookkeeping for almost 39 years, I have, just today, completely embraced it as a wonderful invention. Anything, in this chaotic world, that brings order and logic is welcome today.

Comments

Robert Paterson's picture
Robert Paterson on December 29, 2004 - 23:13

Yes we gave up our dear Quicken a couple of years ago. By the way you have a great resource upstairs in the SOG who is the best book keeping tutor I know

accountant05's picture
accountant05 on May 19, 2005 - 14:18

ur a fucking retard go die

smart's picture
smart on May 19, 2005 - 14:19

Recording a transaction always requires a DEBIT and a CREDIT entry. Providing the entries have been correctly recorded, when totalled both sides of the ledger should therefore agree. SIMPLISITY IN ITS SIMLPIST FORM

Examples:

1. A refrigerator bought for cash for $300.
Entry = DEBIT Purchases $300 (purchase)
CREDIT Bank $300 (increase in liabilities)

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