What Is Single Entry System Of Book Keeping?

The single entry bookkeeping system is basically a system of accounting entry which is used for maintaining financial information in an organization.

It is suitable mostly for small sized business organizations. It records the most critical accounting records that pertain to cash, accounts, receivables, payable, taxes etc. It is suitable for simple accounting records that are used in small firms. It is very inexpensive to maintain a single entry bookkeeping system and does not require any kind of training.