Single-Entry Bookkeeping System

(redirected from Books of original entry)
Also found in: Dictionary, Financial.

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.

References in periodicals archive ?
Referring to Item (2) of paragraph 4 for determining what is information "normally contained in books of original entry and general ledger or subsidiary ledgers," it would appear a good argument could be made for not considering such schedules as books of original entry and thus not providing them.
This would include, for example, (1) adjusting, closing, combining, or consolidating journal entries, (2) information normally contained in books of original entry and general ledgers or subsidiary ledgers, and (3) tax and depreciation carryforward information.
Examples would include worksheets in lieu of books of original entry or general or subsidiary ledgers such as a list of accounts receivable or depreciation schedule.