Definition, Meaning & Synonyms
single-entry
noun
/ˈsɪŋɡl ˈɛntri/
Definition
A method of accounting that involves only one entry for each transaction.
Examples
- The small business opted for single-entry bookkeeping due to its simplicity.
- He maintained a single-entry system to track his expenses and income.
Meaning
In single-entry accounting, each transaction is recorded once, making it a simpler form of accounting compared to double-entry bookkeeping.
Synonyms
- Simple accounting
- Basic accounting system
