SINGLE ENTRY Meaning and
Definition
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Single entry is a term used in accounting to describe a system or method of keeping financial records where each financial transaction is recorded only once. In this system, each transaction is recorded either as a debit or a credit in one account, without the need for a corresponding entry in another account. This simplifies the process of bookkeeping as it reduces the complexity of double-entry bookkeeping.
Under single entry, only the net effect on the accounts is recorded, meaning that specific details and elements of each transaction may not be fully captured. This method is commonly used by small businesses or individuals who have limited transactions or fewer financial resources to invest in complex bookkeeping systems.
Single entry systems are often considered less reliable than double-entry systems since they lack the built-in checks and balances. In double-entry bookkeeping, each transaction is recorded twice, once as a debit and once as a credit, ensuring that the equation of debits being equal to credits is always maintained.
Overall, single entry is a simplified method of maintaining financial records, suitable for businesses with fewer transactions and minimal complexities. However, it is important to recognize the limitations of this method as it may not provide a comprehensive and accurate picture of a company's financial position.
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In book-keeping, applied to the method of keeping business-books by carrying the record of each transaction to the debit or credit side of a single account.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for SINGLE ENTRY
- aingle entry
- zingle entry
- xingle entry
- dingle entry
- eingle entry
- wingle entry
- sungle entry
- sjngle entry
- skngle entry
- songle entry
- s9ngle entry
- s8ngle entry
- sibgle entry
- simgle entry
- sijgle entry
- sihgle entry
- sinfle entry
- sinvle entry
- sinble entry
Etymology of SINGLE ENTRY
The term "single entry" in accounting comes from the Latin word "singulus", meaning "one" or "single". It refers to a simplified bookkeeping method where each financial transaction is recorded only once, primarily in the income statement or cash book. This method contrasts with "double-entry" accounting, where transactions are recorded in both the debit and credit sides of the general ledger. "Single entry" is often utilized by small businesses or individuals who have relatively uncomplicated financial transactions and few accounts to manage.
Similar spelling words for SINGLE ENTRY
- single crochet,
- single file,
- single cream,
- singlestick,
- single bed,
- shingle tree,
- single-lane,
- single out,
- single shell,
- singleton,
- single tax,
- single quote,
- single-entry bookkeeping,
- single-foot,
- singleness,
- Singleterry,
- Singletary Pea,
- singletary,
- single prop,
- singhalese.
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