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Double Entry accounting system. Single entry is only a conventional system the drawbacks/demerits of which lead to the development of Double Entry System.
Definitely double entry system, as it tracks the implications of transactions,
A simple example would be the "Gratuity GL" in a simple restaurant business.
Meals are mostly paid for by credit card, therefore the transaction must be split between revenue and gratuity, otherwise revenue is overstated, taxes are overstated, and Tips (Gratuity) not tracked. The Gratuity account needs to be zero out when waitrons are paid their Tips.
In effect the double entry system becomes an internal control.
Indian Multinational Banking and Financial services company: State Bank of India having approximately18,000 branches of which200 approx overseas offices.
The above information is given just to remind the complexity of accounting functions--With the double entry system only we can compile large financial data and allow financial operations in every fraction of seconds.
Single entry is only a conventional system the drawbacks/demerits of which lead to the development of Double Entry System.
Double Entry is the best accounting practice.
DOUBLE ENTRY BOOK KEEPING SYSTEM IS THE BEST
Definitely Double Entry...................
Double Entry is the best ONE
Double entry is the best way to implement .....
Double entry as its makes Financials up to date.
