What Is Single Entry System of Bookkeeping? Examples With Pros & Cons

A&i Financials24 Oct, 2024Finance

If you’re running a small business or even just managing your personal finances, you’ve probably come across different methods of keeping track of your money. One such method is the single entry system of bookkeeping. But what exactly is it? Well, simply put, it’s a basic way of tracking financial transactions where each transaction is recorded only once, rather than as both a debit and a credit, like in double-entry bookkeeping.