Tag: double-entry bookkeeping
-
Double-Entry Bookkeeping Explained (Easily, for Once)
It seems complicated at first, but you can have double-entry bookkeeping explained in a way that is very simple. This is the best way I can think of it right now: Imagine two sets of elevators on a balanced scale. On the left set (of two) only the left one will go up when weight… Read more
-
Now My Books Make Sense – How A Chart of Accounts Works For You
In this post we’ll learn how a chart of account works. A chart of accounts is a list of categories that every transaction fits into. If we’ve done our job right, there should be a category for every type of transaction. At the same time, the same type of transaction should not have two different… Read more