In this video I attempt to explain Double-Entry Accounting in less than two minutes.
Double-Entry Accounting is a Bookkeeping system. It says every accounting entry must have an opposite corresponding entry in a different account. Debits & Credits are the words we use to reflect each side.
This idea is more than 500 years old. It was first documented by an Italian mathematician called Luca Pacioli, in his book "Summa de Arithmetica".
The concepts in this book helped spark the rise of modern capitalism, and earned Luca a new name... the "Father of Accounting".
⏱️TIMESTAMPS
00:00 - Intro
00:07 - What is Double-Entry Accounting?
00:25 - Who invented Double-Entry Accounting?
00:45 - Single-Entry Accounting
02:21 - How do Debits and Credit work?
02:54 - Why is Double-Entry Accounting important?
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