book-keeping

book-keeping ˈbook-ˌkeeping also book keeping noun [uncountable]

ACCOUNTING the recording of all the money received into and paid out from a business:

• Every business must have an accounts function where income and expenditure book-keeping is done.

ˌdouble entry ˈbook-keeping ACCOUNTING

the accounting system in which each transaction is recorded twice, as a debit in one account and as a credit in another. For example, a sale is recorded as a credit in one account and the money owed by the buyer is recorded as a debit in another:

• In double entry bookkeeping the total debits must equal the total credits and by adding the two a check can be made on the double entry.

ˌsingle entry ˈbook-keeping ACCOUNTING

the accounting system in which each transaction is recorded once in a single account, instead of being recorded as a debit in one account and as a credit in another