Single vs Double Entry Accounting Explained for Beginners

[@carolynniemann6934]

Thank you for the clear explanation. I enjoyed the vid. 😎🤟

[@mervynjack4108]

Your explanation isn’t quite correct. Single or double entry accounting system do not relate to cash or accrual based accounting. I use double entry accounting software for a cash based business. In fact when setting up, the software asks if I was to use a cash or accrual system. I’m not an accountant, but that is what I think.

[@mark-and-trina]

There is some ambiguity in terminology but the basic point is that if you choose the accrual accounting system then you will automatically choose double entry accounting.

[@JoesWife1000]

@@mark-and-trina That's how I understood it