Maxprog | iCash FAQ - Double-entry vs single-entry

If you pay a bill to a company you have automatically a debited account (your Bank) and a credited account (the company being payed). iCash doesn't use the principle of double-entry bookkeeping so one transaction contains the debit and credit parts data. Look at the following example:

Using double-entry bookkeeping you will get:

Date

Account

Debit

Credit

04/30/2003

My Bank checking account

500.00

04/30/2003

Company being payed

500.00

With iCash single-entry bookkeeping you get:

Date

Debit Account

Credit account

Amount

04/30/2003

My Bank checking account

Company being payed

500.00

Both double-entry and single-entry transactions are performing the same operation but faster and clearer. Recording a debit and a credit accounts is the key to create accurate reports.