What Is Double-Entry Bookkeeping? A Simple Explanation for Canadian Business Owners
Double-entry bookkeeping is a 500-year-old accounting system where every financial transaction is recorded in 2 accounts, one debit and one credit, so total debits always equal total credits. The Canada Revenue Agency requires all incorporated businesses to maintain records that only double-entry can produce. (CRA — Keeping Records) This page explains how the system works, […]
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