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Single-entry bookkeeping

What is single-entry bookkeeping?

Single-entry bookkeeping is a simplistic accounting method that only records one entry for each transaction. This makes it suitable for small businesses with low transaction volume and complexity.

In single-entry bookkeeping, only one aspect of the transaction is recorded, either the incoming or outgoing amount. Each entry in the single-entry bookkeeping system, which may represent cash, taxes, revenues, expenses, etc., only affects one ledger account. This system is less comprehensive and provides less financial insight than double-entry bookkeeping, which records two entries for each transaction (a debit and a credit). Single-entry bookkeeping's simplicity can be an advantage for small startups but may become inadequate as your company grows and transactions become more complex.

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