single-entry bookkeeping (Meaning)

Wordnet

single-entry bookkeeping (n)

a simple bookkeeping system; transactions are entered in only one account

No Synonyms and anytonyms found

Single-entry bookkeeping involves recording only one entry for each financial transaction.
This method simplifies the bookkeeping process, making it suitable for small businesses with limited transactions.
In single-entry bookkeeping, the cash account balance is regularly reconciled with bank records to ensure accuracy.
The lack of a separate income statement in single-entry bookkeeping can make it challenging to track income and expenses.
Single-entry bookkeeping does not allow for the verification of income, making it less reliable for external reporting.
While it is not a GAAP-compliant method, single-entry bookkeeping is accepted by some regulatory bodies for specific accounting purposes.
Businesses using single-entry bookkeeping should be aware of its limitations and consider upgrading to a double-entry system if necessary.
The simplicity of single-entry bookkeeping makes it ideal for tracking cash flow and basic transactions.
Single-entry bookkeeping provides insights into a business's cash position but lacks the detail provided by a double-entry system.
Despite its limitations, single-entry bookkeeping remains a common accounting method used by small businesses and individuals.

a simple bookkeeping system; transactions are entered in only one account

No synonyms found.

No antonyms found.

Single-entry bookkeeping involves recording only one entry for each financial transaction.

This method simplifies the bookkeeping process, making it suitable for small businesses with limited transactions.

In single-entry bookkeeping, the cash account balance is regularly reconciled with bank records to ensure accuracy.

The lack of a separate income statement in single-entry bookkeeping can make it challenging to track income and expenses.