Meaning of “double entry bookkeeping” in the English Dictionary


"double entry bookkeeping" in English

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(Definition of “double entry bookkeeping” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"double entry bookkeeping" in Business English

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double entry bookkeepingnoun [ U ]

uk us also double entry accounting ACCOUNTING

the most commonly used system of recording financial information, in which each amount spent or received is recorded twice. For example, an amount a company spends to buy supplies is recorded as a debit to the company in one account and as a credit to the seller of the supplies in another account:

Double entry bookkeeping, where each debit has a corresponding credit entry, will be used, which provides an arithmetic check of the books.

(Definition of “double entry bookkeeping” from the Cambridge Business English Dictionary © Cambridge University Press)