Talk:Single-entry bookkeeping

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Rename[edit]

Should this page be renamed to "Single-entry bookkeeping system" in keeping with the renaming of Double-entry bookkeeping system? Andrew 10:11, 20 November 2006 (UTC)

There has been a long discussion on the Double-entry bookkeeping system discussion page about which word, Accounting or Bookkeeping is the most appropriate word for the article name. Accounting is very different to bookkeeping. Bookkeeping is required in order to do accounting. So I would propose renaming this article to the more appropiate and correct term Single-entry bookkeeping system NilssonDenver 14:20, 20 November 2006 (UTC)[reply]

Disadvantages?[edit]

I don't see how the first 2 disadvantages listed;

Data may not be available to management for effectively planning and controlling the business.
Lack of systematic and precise bookkeeping may lead to inefficient administration and reduced control over the affairs of the business.

...relate directly to the Single-entry system. Surely they are just an outcome of being "particularly slack", and both can occur if incorrectly implementing / using either double- or single-entry bookkeeping. In fact it could easily be argued that by using a simpler system, a small business will be able to get at useful data much faster than say handing it to an accountant to go off and work on to file a tax return 18 months later... The two lines I have listed also sound remarkably like the usual accounting firm "line" used to promote takeup of their services. The rest of the list sounds fair (objectively based), even if they are mitigated significantly by use automated systems these days. Adx (talk) 09:10, 15 August 2012 (UTC)[reply]

A single entry system records each accounting transaction with a single entry to the accounting records, rather than the vastly more widespread double entry system. The single entry system is centered on the results of a business that are reported in theincome statement. The core information tracked in a single entry system is cash disbursements and cash receipts. Asset and liability records are usually not tracked in a single entry system; these items must be tracked separately.

Disadvantages Of Single Entry System

The following are the notable disadvantages of single entry system: 1. 1.Unscientific And Unsystematic The single entry system is unsystematic and unscientific system of recording financial transactions. It does not have any set of fixed rules and principles for recording and reporting the financial transactions. 2. Incomplete System Single entry system is incomplete system because it does not record the two aspects or accounts of all the financial transactions of the business. It does not maintain any record of the transactions relating to the nominal account and real account except cash account. 3. Lack Of Arithmetical Accuracy Single entry system is not based on the principles of debit and credit. It fails to provide the arithmetical accuracy of the books of accounts. Trial balance can not be prepared under thissystem to check the arithmetical accuracy of books of accounts. 4. . Does Not Reflect True Profit Or Loss Under single entry system, the true amount of profit or loss can not be ascertained because it does not maintain the nominal accounts. 5. Does Not Reflect True Financial Position The single entry system does not maintain real accounts except cash book. Therefore, it can not reveal the true financial position of the business. 6. Frauds And Errors The single entry system of book-keeping is incomplete, inaccurate and unscientific. It does not help to check the arithmetical accuracy of the books of accounts. Therefore, there is always a possibility of committing frauds and errors in the books of accounts. 7. Unacceptable For Tax Purpose The single entry of book keeping has incomplete records of the financial transactions of the business. Hence, the tax office can not accept the account maintained under this system for the purpose of assessment of tax.

The most significant problems associated with a single entry system include:

Assets. Assets are not tracked, so it is easier for them to be lost or stolen.
Audited financial statements. It is impossible to obtain an audit opinion on the financial results of a business using a single entry system; the information must be converted to a double entry format for an audit to even be a possibility.
Errors. It is much easier to make clerical errors in a single entry system, as opposed to the double entry system, where separate entries to different accounts must match.
Liabilities. Liabilities are not tracked, so you need a separate system for determining when they are due for payment, and in what amounts.
Reporting. There is much less information available upon which to construct the financial position of a business, so management may not be fully aware of the performance of the business.

Single entry systems are strictly use for manual accounting systems, since all computerized systems utilize the double entry system instead. It is generally possible for a trained accountant to reconstruct a double entry-based set of accounts from single entry accounting records, though the time required may be substantial. By doing so, you can then reconstruct the balance sheet and statement of cash flows. — Preceding unsigned comment added by Abhishek girijesh tiwari (talk • contribs) 17:56, 12 September 2014 (UTC)[reply]

Requested move 2 March 2020[edit]

The following is a closed discussion of a requested move. Please do not modify it. Subsequent comments should be made in a new section on the talk page. Editors desiring to contest the closing decision should consider a move review after discussing it on the closer's talk page. No further edits should be made to this discussion.

The result of the move request was: Page moved. (closed by non-admin page mover) Jerm (talk) 16:16, 9 March 2020 (UTC)[reply]

Single-entry bookkeeping system → Single-entry bookkeeping – Reverse the redirect, per WP:CONCISE. 94.21.238.148 (talk) 13:28, 2 March 2020 (UTC)[reply]

This is a contested technical request. —Nnadigoodluck🇳🇬 14:02, 2 March 2020 (UTC)[reply]

There really is no need to say "system" everywhere. I changed The first sentence at single-entry bookkeeping to follow suit, but it just seems logical to prefer the shorter title. We don't have bookkeeping system or or Category:Bookkeeping systems for example, and Momentum accounting and triple-entry bookkeeping (to which Triple-entry bookkeeping redirects) manages without "system". We do have Accounting system but it targets Accounting software. 94.21.238.148 (talk) 14:29, 2 March 2020 (UTC)[reply]

Support per the nominator: Ideally, this discussion should be merged with the one at Talk:Double-entry bookkeeping system. —BarrelProof (talk) 17:02, 2 March 2020 (UTC)[reply]

As nom, I'd support the discussions being merged: I couldn't do that when listing them as technical requests. I guess it would require User:Ivanvector's consent as he has commented at the other one. 94.21.238.148 (talk) 10:43, 3 March 2020 (UTC)[reply]

I don't think there's any need to merge the discussions. There could be valid reasons to call one "system" and the other not. I don't think there are, but someone else might. Ivanvector (^Talk/_Edits) 12:29, 3 March 2020 (UTC)[reply]

Support per nom. Ivanvector (^Talk/_Edits) 12:29, 3 March 2020 (UTC)[reply]
Support. Clear common name. -- Necrothesp (talk) 10:44, 6 March 2020 (UTC)[reply]

The above discussion is preserved as an archive of a requested move. Please do not modify it. Subsequent comments should be made in a new section on this talk page or in a move review. No further edits should be made to this section.