{"id":4919,"date":"2024-07-11T09:10:18","date_gmt":"2024-07-11T09:10:18","guid":{"rendered":"https:\/\/zxaccotax.com\/au\/?p=4919"},"modified":"2024-07-11T10:26:13","modified_gmt":"2024-07-11T10:26:13","slug":"what-is-double-entry-bookkeeping","status":"publish","type":"post","link":"https:\/\/zxaccotax.com\/au\/2024\/07\/11\/what-is-double-entry-bookkeeping\/","title":{"rendered":"What Is Double Entry Bookkeeping?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4919\" class=\"elementor elementor-4919\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d65c776 e-con-full e-flex e-con e-parent\" data-id=\"d65c776\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c4e0280 elementor-widget elementor-widget-image\" data-id=\"c4e0280\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"667\" src=\"https:\/\/zxaccotax.com\/au\/wp-content\/uploads\/sites\/7\/2024\/07\/132604.jpg\" class=\"attachment-full size-full wp-image-4924\" alt=\"\" srcset=\"https:\/\/zxaccotax.com\/au\/wp-content\/uploads\/sites\/7\/2024\/07\/132604.jpg 1000w, https:\/\/zxaccotax.com\/au\/wp-content\/uploads\/sites\/7\/2024\/07\/132604-300x200.jpg 300w, https:\/\/zxaccotax.com\/au\/wp-content\/uploads\/sites\/7\/2024\/07\/132604-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-562d0dd elementor-widget elementor-widget-heading\" data-id=\"562d0dd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h3 class=\"elementor-heading-title elementor-size-default\">What Is Double Entry Bookkeeping?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b6defd elementor-widget elementor-widget-text-editor\" data-id=\"7b6defd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>If you are familiarising yourself with bookkeeping-related terms, you might ask what exactly is bookkeeping?<br \/>Our bookkeeping for beginners guide is a good place to start. But dig a little deeper and another question that may come up is \u201cWhat is double-entry bookkeeping?\u2019 This is one of those bookkeeping terms that needs a little more explanation.<span id=\"more-7217\"><\/span><br \/>The short answer is that it is an accounting system for recording transactions that has existed for millennia.<br \/>As a core part of the bookkeeper duties checklist, it is the foundation of modern cloud-based bookkeeping, banking and reporting systems.<br \/>With double entry bookkeeping, a business can keep track of income and outgoings and gain an understanding of things like profitability and business growth.<br \/>You also have a basis for all the reporting and submission obligations a business can have.<br \/>Sounds complicated, right?<br \/>Well, the principles of double entry bookkeeping are actually quite simple.<br \/>Read on to learn how it works and find out just what is double entry bookkeeping used for.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8774415 elementor-widget elementor-widget-heading\" data-id=\"8774415\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What is Double Entry Bookkeeping?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b064049 elementor-widget elementor-widget-text-editor\" data-id=\"b064049\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The governing principle of double entry bookkeeping is that every financial transaction has equal and opposite effects in a minimum of two different accounts.<\/p><p>It works by recording transactions on the basis of credits and debits \u2013 when one account gets a debit, a credit is recorded in another.<\/p><p>When you add all the debits together, they must be equal to the sum of all credits \u2013 this is the defining standard for modern accounting and it enhances the accuracy of financial statements.<\/p><p>In the accounting world, a debit is an entry added to the left of the account ledger, and a credit lies to the right.<\/p><p>Balance is achieved by keeping the sum of credits and debits for every transaction equal.<\/p><p>The principle satisfies the following accounting equation:<\/p><p>Assets = Liabilities + Equity<\/p><p>On an income statement, the balances in both expense accounts and loss ones are increased by debits and decreased by credits.<\/p><p>With the balances on gains and revenue accounts, it\u2019s the other way round.<\/p><p>Double entry bookkeeping came about in Europe during the mercantile period as a means of rationalising transactions in the commercial world and improving the efficiency of trade.<\/p><p>It also made it easier for bankers and merchants to understand their profits and costs, and may have been a fundamental concept in the creation of capitalism.<\/p><p>Double entry bookkeeping is used to create the balance sheet, which ensures all uses of capital are equal to its sources.<\/p><p>Any company maintaining accurate accounts will record every transaction in a minimum of two accounts.<\/p><p>For example, when a company takes out a bank loan, that borrowed money raises the companies assets, but its loan liabilities also increase by the same amount.<\/p><p>Similarly, if a company purchases raw material with cash, it will add to the inventory asset, but take away from the capital.<\/p><p>Thus, every transaction affects at least two accounts, so recording transactions in this way is called double entry bookkeeping.<\/p><p>Today, double entry bookkeeping is usually done by accounting software.<\/p><p>You could buy this software yourself to maintain your own books, but you would need to spend time familiarising yourself with the way the software works. There are also plenty of free\u00a0bookkeeping templates\u00a0out there, but again it can be time-consuming to take this on yourself.<\/p><p>It would also be useful to review our complete\u00a0bookkeeping guide.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2baa8cd elementor-widget elementor-widget-text-editor\" data-id=\"2baa8cd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tThe alternative is to outsource your bookkeeping to skilled, professional bookkeepers like <strong class=\"ctext\">ZX<\/strong>. You may be asking yourself\u00a0how much does a bookkeeper cost, but bear in mind that you are saving your own time and resources by paying for a specialist service.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b518250 elementor-widget elementor-widget-heading\" data-id=\"b518250\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Double Entry Bookkeeping Examples<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a500b1 elementor-widget elementor-widget-text-editor\" data-id=\"8a500b1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If you still think double entry bookkeeping sounds complicated, you may need to see it in action.<\/p><p>At its most basic, it really is quite a simple system, so let\u2019s take a look at some real-world examples of double entry bookkeeping to help explain the concept:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb0cceb elementor-widget elementor-widget-text-editor\" data-id=\"eb0cceb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>1. A bakery uses credit to order some new refrigerated delivery trucks for a total price of $250,000.<\/p><p>In accounting for this purchase on credit, the relevant accounting ledgers must be added to.<\/p><p>The business has accumulated new assets, so a debit of $250,000 is added to the asset account.<\/p><p>At the same time, a credit of the $250,000 must be added to the notes payable ledger.<\/p><p>The increase on the asset account and the associated increase in notes payable liability makes it equal.<\/p><p>2. A new takeaway business needs to order a reliable mobile phone for when the driver is out on delivery.<\/p><p>Let\u2019s say the phone costs $1,500 and is paid for in cash.<\/p><p>Once the transaction is complete, a debit entry of $1,500 is added to the asset account, and a corresponding credit entry for the same amount is recorded to assets because of the cash spent.<\/p><p>In the first example written above, you have a scenario where double entry bookkeeping applies to a purchase with credit.<\/p><p>The second one is based on a purchase made with existing capital.<\/p><p>In both cases, you can see how the transaction involves a debit and a credit entry at the same time.<\/p><p>You can find more bookkeeping tips from the experts at\u00a0<strong class=\"ctext\">ZX<\/strong>\u00a0here.<\/p><p>In more complex transactions, more than two accounts can be affected, and this is where the work of expert bookkeepers and sophisticated accounting software is extremely valuable.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-930d602 elementor-widget elementor-widget-heading\" data-id=\"930d602\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Why is Double Entry Bookkeeping important?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4afa7f1 elementor-widget elementor-widget-text-editor\" data-id=\"4afa7f1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>New businesses that are very small in scale may be able to get by with single entry bookkeeping.<\/p><p>However, there are various advantages of the double entry system that should not be overlooked.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55956f1 elementor-widget elementor-widget-heading\" data-id=\"55956f1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Here are just a few:<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d4ec359 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"d4ec359\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/zxaccotax.com\/au\/wp-content\/uploads\/sites\/7\/elementor\/css\/custom-widget-icon-list.min.css?ver=1718082897\">\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">You get a more complete financial picture: double entry bookkeeping is a better way to assess a company\u2019s financial health and growth rate. It is essential when a company has multiple employees, or has to think about things like inventory and debts.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">It helps with financial decision-making: with better insights into profitability and financial strength, business owners can understand their companies better. It pays to see how money has been spent and how it is growing so that you can make better financial decisions.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Bookkeeping errors are reduced: by creating a balance sheet through double entry bookkeeping, you must always ensure liabilities and equity equal assets. If they don\u2019t, there must be an error in your books. It also helps with transparency, keeping businesses accountable.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">It is favoured by investors and banks: The transparency and comprehensive nature of the double entry system is attractive to investors and banks. The reports it produces provide an accurate, complete picture of how your business is performing financially.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f476bd elementor-widget elementor-widget-text-editor\" data-id=\"6f476bd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tWhen you take advantage of the <strong class=\"ctext\">ZX<\/strong>\u00a0month and year end financial reporting services, you will leverage the power of double entry bookkeeping for financial reports that are insightful to business owners and attractive to potential investors.\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>What Is Double Entry Bookkeeping? If you are familiarising yourself with bookkeeping-related terms, you might ask what exactly is bookkeeping?Our [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Double Entry Bookkeeping? - ZX Accotax Solution-AU<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zxaccotax.com\/au\/2024\/07\/11\/what-is-double-entry-bookkeeping\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is Double Entry Bookkeeping? - ZX Accotax Solution-AU\" \/>\n<meta property=\"og:description\" content=\"What Is Double Entry Bookkeeping? 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