What is double-entry accounting?

Akaunting ships with a single-entry accounting feature set, as it’s easier to understand for most users. However, some businesses use double-entry accounting to keep their books.

Double-Entry accounting is a practice that helps minimize errors and increases the chance that your books balance. If you’re an accountant, thanks to the multi-company feature of Akaunting, you can manage the financials of unlimited companies using this app.

The Double-Entry app contains the following features:

• Chart of Accounts
• Manual Journal
• General Ledger
• Balance Sheet
• Trial Balance
• Opening/Starting Balance

Why should I use the Double-Entry app?

Single entry is a quite simple accounting method for small businesses, that helps you to keep track of your company’s income and expense statements. However, Double-Entry allows you to get detailed insight into your company’s financial health. Double-entry accounting helps you to minimize errors and increases the chance that your books balance. You need to Double-Entry to generate Balance Sheet, General Ledger, Trial Balance reports. Additionally, Double Entry tracks your company’s asset, equity, and liability balance.