Double-entry accounting is a bookkeeping system that requires two entries — one debit and one credit — for every transaction. Your books are balanced when debits and credits zero each other out.

Double-entry accounting is a system of recording transactions in two parts, debits and credits. This method of recording business transactions allows users to avoid errors and omissions.

Account reconciliation made simple: what it is, how it works, and the types you need to know to close your books confidently.

An example of double-entry accounting would be if a business took out a $10,000 loan and the loan was recorded in both the debit account and the credit account.

Accrued Interest in Accounting . Entries to the general ledger for accrued interest, not received interest, usually take the form of adjusting entries offset by a receivable or payable account.