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Single-Entry Bookkeeping System
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Single-Entry Bookkeeping System 

an accounting system in which the interrelationship between accounts is not established and many transactions are entered in just one account, which reflects the movement of corresponding valuables. For this reason, the financial results of economic activity—both profit and loss—are not included in current accounting data but must be determined by studying the figures from all inventories of enterprise capital at the start and end of the report period. An accounting balance can be drawn up only after a complete inventory. Accounts relating to the property of others are also kept by the single-entry system. The single-entry bookkeeping system is usually used by those enterprises, organizations, and institutions that operate primarily on a state budget and do not participate in many different economic operations.
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The original interpretation includes examples such as (1) adjusting, closing, combining or consolidating journal entries and (2) information normally contained in books of original entry and general ledger or subsidiary ledgers.
Client record retention and tax workpapers by Holub, Steven F. / The Tax Adviser
Examples of working papers which are considered to be client's records are: (a) Worksheets in lieu of books of original entry (for example, listings and disbursements on columnar working paper); (b) Worksheets in lieu of general ledger or subsidiary ledgers, such as accounts receivable, job cost and equipment ledgers or similar depreciation records; (c) All adjusting and closing journal entries and supporting details.
Ownership of working papers, books and records created by data ... by Sager, William H. / The National Public Accountant
 
 
 
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