Tips from TAP – Snippet of accounting history

Since the inception of trade and business, civilization has understood the need for accurate records. What was missing was the means for a standard of accurate record keeping.

A Franciscan Monk, by the name of Luca Pacioli, was the father of double entry accounting. This system of record keeping set the business world on fire!
Businesses and merchants immediately say the benefit of the double entry system for maintaining accurate and indisputable records.

This was the humble beginning of one of the most important and widely used standards of business in practice in the world today!
All bookkeeping and accounting is based on this double entry system. Accounting/Bookkeeping software such as Sage, QuickBooks, Adagio, AccPac, may be single entry or batch entry, but they are ALWAYS DOUBLE ENTRY!!

Do you know the difference between single entry, batch entry, and DOUBLE ENTRY?

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