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A transaction in double-entry bookkeeping always affects at least two accounts, always includes at least one debit and one credit, and always has total debits and total credits that are equal. The purpose of double-entry bookkeeping is to allow the detection of financial errors and fraud.
GnuCash is an accounting program that implements a double-entry bookkeeping system.It was initially aimed at developing capabilities similar to Intuit, Inc.'s Quicken application, [9] but also has features for small business accounting. [10]
A business receives cash for a sale: You increase cash (asset) by recording a debit transaction, and increase sales (income) by recording a credit transaction. A business buys equipment with cash: You increase equipment (asset) by recording a debit transaction, and decrease cash (asset) by recording a credit transaction. A business borrows with ...
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. [1] It involves preparing source documents for all transactions, operations, and other events of a business.
The inability to reconcile imported transactions against the current account information is one of the primary shortcomings of QIF. [citation needed] Most personal money management software, such as Microsoft Money, GnuCash and Quicken's low end products (e.g. Quicken Personal and Quicken Personal Plus), [1] can read QIF files to import ...
QuickBooks is an accounting software package developed and marketed by Intuit.First introduced in 1992, QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.
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