WHAT YOU NEED TO KNOW ABOUT DOUBLE ENTRY BOOKKEEPING
The double entry bookkeeping system is based upon the fact that every transaction has two parts and that this will therefore affect two ledger accounts. Every transaction involves a debit entry in one account and a credit entry in another account. This means that every transaction must be recorded in two accounts; one account will be debited because it receives value and the other account will be credited because it has given value. The rule to remember is "debit the receive