Excerpt from Double Entry by Single: A New Method of Book-Keeping, Applicable to All Kinds of Business
In the commercial world, few things are more readily admitted, or more generally experienced, than the importance of Book-keeping. The ruin that rarely fails to punish its neglect, renders it indispensable to the individual; whilst, from its connexion with the stability and extension of trade, it becomes interesting even in a national point of view. Proportionate to its utility must be the value of the system that accomplishes its purposes with the greatest degree of conciseness and accuracy, and on the most enlarged scale of applicability. To these qualities the New Method of Book-keeping has firmly, but not arrogantly, laid claim: its pretensions may have been considered weighty, but they have not been hastily assumed; and, with respectful confidence, its vouchers are now submitted to the public.
The opposition of prejudice and established usage being the natural birthright of improvement, there may be no impropriety in premising that the New Method is not the production of mere theory unconnected with practice: it is the result of many years' experience in Accounts, and has been gradually perfected by a series of improvements in the Books of an extensive and diversified establishment. The advantages which it offers will be best explained by a comparison of its leading features with those of the Two Systems hitherto adopted in Accounts.
Single and Double Entry are terms which but partially describe these methods, referring not to the entire number of entries, but to those in the Ledger only. In Single Entry, each transaction requires two entries; one in the Day Book, and one in the Ledger. In Double Entry, or the Italian Method, each transaction requires four entries; one in the Waste or Subsidiary Book, one in the Journal, and two in the Ledger.
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