Single-entry Bookkeeping (Noun)
Meaning
A simple bookkeeping system; transactions are entered in only one account.
Classification
Nouns denoting acts or actions.
Examples
- The small business owner used a single-entry bookkeeping system for her company's financial records, as it was easy to manage and required minimal accounting expertise.
- Single-entry bookkeeping is the traditional method used by most small businesses, freelancers, and sole proprietors to record their daily transactions.
- With single-entry bookkeeping, each transaction is recorded once in either the income or expense account, making it simple to track cash flow.
- Although double-entry bookkeeping is more comprehensive, single-entry bookkeeping can still provide a clear picture of a company's financial situation.
- The accounting software was designed for individuals and small businesses, offering a user-friendly single-entry bookkeeping system that eliminated the need for complicated accounting procedures.