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