A Relatively Painless Guide to Double-Entry Accounting
The examples below will clarify the rules for double-entry bookkeeping. Business owners who have previously operated on a single entry accounting system will want to make the switch to a double entry accounting system as soon as possible. Implementing a double entry accounting system will allow you to put your financial statements to better use so that you can measure your financial health and spot errors quickly. The concept of double entry accounting is the…