Single-Entry Bookkeeping System(redirected from Single-entry accounting system)
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.