Double entry

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1. Accounting.

The dual aspect concept that every accounting transaction has two sides.

Therefore the balance sheet should always remain in balance.

For example, if services are sold by a company for cash, the company's Sales figure increases AND its Cash increases.

Taking another example, if a company borrows money, its Cash increases AND its Liabilities (to repay the money in the future) also increase.

This system is sometimes known as 'double entry bookkeeping'.

2. Systems & controls - errors.

An error resulting from the inappropriate duplication - or inappropriate repetition - of an entry (or part of an entry) in a financial information system or elsewhere.

See also