Denoting a system of bookkeeping in which each transaction is entered as a debit in one account and a credit in another.
- The general statements formulated by these companies followed not the double-entry system, but the Venetian style of credits and debits.
- The idea behind a double-entry system is that there is a debit from an account and a credit to an account for each transaction.
- This process led ultimately to the advent of the full double-entry system of accounting that has been a fundamental support to the management and study of business for over five hundred years.
Definition of double-entry in:
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.