{"id":3069,"date":"2021-07-12T13:05:52","date_gmt":"2021-07-12T13:05:52","guid":{"rendered":"https:\/\/themeimmigration.com\/?p=3069"},"modified":"2023-02-01T14:34:51","modified_gmt":"2023-02-01T14:34:51","slug":"what-is-double-entry-bookkeeping-a-simple-guide","status":"publish","type":"post","link":"https:\/\/themeimmigration.com\/2021\/07\/12\/what-is-double-entry-bookkeeping-a-simple-guide\/","title":{"rendered":"What Is Double-Entry Bookkeeping? A Simple Guide for Small Businesses"},"content":{"rendered":"
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If one account has a natural debit balance, a debit will increase the total amount in the account. If the other account updated in the transaction has a natural credit balance, the corresponding credit will increase that account, too. A single journal entry can increase both accounts at the same time, decrease both or a combination. Finally, it requires The Main Specific Features of Double Entry Bookkeeping System<\/a> extra work in the closing process to yield balanced financial statements. Public companies can\u2019t use single-entry accounting because it\u2019s not accepted under GAAP. In the double-entry system, each financial transaction is recorded in at least two different accounts. The two accounts affected by a transaction are known as the debit and credit accounts.<\/p>\n<\/p>\n