single-entry bookkeeping

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Definition

Noun: A basic accounting method where each financial transaction is recorded only once, typically as either an income or an expense in a cash register or simple ledger. It does not use the double-entry system of debits and credits to maintain a balanced accounting equation.

Usage

This term is used to describe a specific, straightforward approach to record-keeping for finances. * Small businesses often start with single-entry bookkeeping because it is easy to understand. * The sole proprietor used single-entry bookkeeping, noting each sale and purchase in a single column. * For a simple personal budget, single-entry bookkeeping is usually sufficient.

Advanced Usage
  • "to maintain single-entry bookkeeping": To keep records using this specific system.
    • The freelance consultant chose to maintain single-entry bookkeeping for her tax records.
Variants and Related Words
  • Single-entry (adjective): Describing the system itself.
    • They use a single-entry accounting system.
  • Double-entry bookkeeping (noun): The more complex standard accounting system where every entry requires a corresponding and opposite entry to a different account.
Synonyms
  • Simple bookkeeping
  • Income-statement bookkeeping
Related Phrases
  • Cash-based accounting: A related concept often associated with single-entry systems, where transactions are recorded when cash is received or paid.
Noun
  1. a simple bookkeeping system; transactions are entered in only one account

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