Glossary
Double-entry bookkeeping
Double-entry bookkeeping records every transaction twice, once as a debit and once as a credit of the same amount, so the books stay in balance.
What it means for a shop owner
Money that moves always has a source and a destination, so selling goods for cash raises cash and raises income. If the two sides do not match, there is a visible mistake, which is how errors are caught early. Good software does this for you, so you need not know accounting.
A worked example
You sell goods for 100 in cash: debit cash 100 and credit sales 100. Both sides total 100, and that is the balance.
Related
Try it in your shop, free, no card.
The free plan: the whole shop for one branch, an offline cashier with stock, debts and accounting, with a daily limit on invoices, expenses and purchase orders. What it includes