Definition

1. Noun:
   • A simple bookkeeping system: A method of accounting where each financial transaction is recorded only once, typically as either an expense or an income, in a single account. It is a straightforward system often used by small businesses or for personal finances, contrasting with the double-entry system which records each transaction twice (as a debit and a credit).

Usage Examples

• Noun:
  • The small shop owner maintained her records using single entry, which was sufficient for her simple needs.
  • For a freelancer, a single entry bookkeeping system is often easier to manage than a double-entry one.

Advanced Usage

• "to keep books on a single entry basis": To maintain financial records using the single-entry bookkeeping method.
  • The sole proprietor decided to keep his books on a single entry basis to save time.

Variants and Related Words

• Single-entry bookkeeping (n phrase): The full term for the accounting system.
  • The course covered the basics of single-entry bookkeeping.

Synonyms

• Simple bookkeeping: A straightforward method of recording transactions.
• Income and expense accounting: A system focusing on tracking cash inflows and outflows.

Antonyms

• Double entry (n): A bookkeeping system where every transaction is entered twice, as a debit in one account and a credit in another, providing a self-balancing ledger.
  • Most corporations are required to use double entry accounting for its accuracy and detail.

Noun

1. a simple bookkeeping system; transactions are entered in only one account