Double Entry Bookkeeping

Double Entry Bookkeeping provides a wide variety of tutorials, examples, references, and no-nonsense advice on bookkeeping and accounting. It aims to answer all those questions you’ve always wanted to ask . . . and some you didn’t know you needed to.

At double entry you will learn how to understand and use your accounting records to manage your business. We offer free tutorials in all aspects of bookkeeping and accounting.

Double Entry Bookkeeping Tutorials

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Double Entry Bookkeeping Examples

The best way to learn is to look at examples. At double entry you can look at examples of how you can apply the principles and concepts discussed in the Tutorials in practice.

Bookkeeping Example
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Double Entry Bookkeeping References

At double entry you will find references for all our topics. The references are usually in the form of tables and serve as quick guides or cheat sheets for each bookkeeping and accounting topic.

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Double Entry Bookkeeping Quizzes

Test your knowledge of debits and credits. At double entry you will find a selection of accounting quizzes.

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Accounting Templates

You can find free accounting templates, accounting forms, bookkeeping templates and bookkeeping forms.

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Double Entry Accounting Ratios

You will find information on what are the most important accounting ratios used in managing a business.

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What is Bookkeeping?

When you set out to start a business as an entrepreneur you need to be in control of your finances and be able to track the performance of the business. The only way to achieve this is to have good accounting information and be able to understand what the information is telling you.

Bookkeeping is distinct from accounting which is usually undertaken by more senior staff. The purpose of the book-keeping process is to record financial transactions. The output from the bookkeeping process then becomes the input for the accounting process, which is the language of business used to interpret and analyse the information.

A Bit of History on the Double Entry Accounting System

Double entry bookkeeping is a system of bookkeeping which records each transaction twice. The system was first developed in the 13th century and used by Italian merchants. In 1494 Luca Pacioli a monk and mathematician was the first to publish a treatise (Summa de arithmetica) which included details of double entry bookkeeping. Pacioli recommended the Venetian method which included three books of account, the memorandum, the journal, and the ledger. The treatise was widely available and accessible and formed the basis of double entry accounting practiced today.

The first entry records what comes into the business (a debit) and the second entry what goes out of the business (a credit). Every Debit must have a corresponding equal and opposite Credit.

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All businesses are under pressure from all sides and only well managed businesses will survive. We started the website with one clear goal in mind to offer users a wide variety of tutorials, examples, references, and no-nonsense advice on small business bookkeeping and accounting.

The website aims to give you the information you need to help you understand and use your accounting records to manage your business. We make bookkeeping and accounting more usable, easier to navigate, faster and more reliable. In other words: we make your bookkeeping system records work.

Whilst there are many places that you can learn double entry accounting, they tend to provide you with a confusing array of information. The first rule for any business is to know what you’re doing, and what you’re aiming for. The only way to do that is to have good double entry accounting system records to provide quality accounting information and to be able to understand what that information means for your business.

About the Author

Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years in all types of industries. Michael has been the CFO of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University.

Last modified September 28th, 2022 by Michael Brown