Single-Entry Bookkeeping
/ˈsɪŋɡəl ˈɛntri ˈbʊkˌkiːpɪŋ/
Definitions
- (n.) An accounting method recording only one side of each financial transaction, typically income or expenses, used by small businesses for simplicity.
The small retailer relied on single-entry bookkeeping to track daily sales and costs.
Forms
- single-entry bookkeeping
Related terms
See also
Commentary
Single-entry bookkeeping is less comprehensive than double-entry bookkeeping and often unsuitable for complex business transactions, but it provides a legally acceptable record for small enterprises in many jurisdictions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.