Single Entry Bookkeeping VS Double Entry Bookkeeping
Single Entry System / Bookkeeping VS Double Entry System / Bookkeeping is an important topic in the field of accounting. Double Entry Bookkeeping follows Double Entry System while Single Entry Bookkeeping emphasizes on Single Entry System. Accountants and Bookkeepers are the persons in the company and those can record and manage Books of Accounts . Without knowing two systems, recording of Busi ness T ransactions can not be done accurately. Single Entry System is the one in which only one aspect of transactions are recorded. Credit side is recorded but debit side is not and vice versa. Sometimes whole transactions are not recorded. So it is incomplete system of accounting or also known as accounts from incomplete records. Whereas in Double Entry System, both aspects of transactions are recorded. For every debit there must be a credit side. The total of debit and credit must be equal in any transactions. So double entry system is complete and better than single en...