Mike or Penny Novack
stepbystepfarm at mtdata.com
Tue Mar 13 19:41:32 EDT 2012
Mark Phillips wrote:
>It may be hard to believe for some folks on this list, but not everything
>in life requires double entry accounting.....;)
Of course not everything in life requires double entry bookkeeping.
But keeping a set of books according to standard accounting practice
does. So if you operate a business or an organization, have to file
reports with governmental agencies (and perhaps be audited) then you do
require double entry bookkeeping.
It should perhaps be noted that the need (for other purposes) has become
less only with the aid of the computer. Trust me, if you were still back
in the age of trying to keep financial records pen and ink on paper
without the aid of "double entry" you'd have little chance of being
able to detect and correct errors. That wasn't all that easy even with
double entry and you had to know lots of tricks/ rules of thumb like "if
the out of balance is divisible by nine ....." (look for a possible
When I selected gnucash that was a choice of WHICH double entry
bookkeeping software our organization would use. Not WHETHER double
entry as otherwise not satisfying legal requirements.
Michael D Novack, FLMI
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