What is Double Entry Bookkeeping?

Double entry bookkeeping is essentially a type of bookkeeping. Double entry bookkeeping is a system where every entry into an account has a corresponding and opposite entry into a different account. Essentially, double entry bookkeeping has two equal and corresponding sides known as debit and credit. For example, if you borrow money from the bank the asset cash for the business will increase, but the liability notes payable will also increase.  If you would like more information on double entry bookkeeping, be sure to get in touch with a member of our team today.