How do you do double entry bookkeeping

(4 Posts)
daisydee43 Wed 09-Oct-13 14:37:59

Hi

I am self employed but do not earn enough to warrant an accountant. I am using a double entry ledger for bookkeeping but don't understand the credit for every debit - please help grin

garlicvampire Wed 09-Oct-13 16:43:33

I was interested in your question, Daisy, so I had a look at this: www.dummies.com/how-to/content/the-basics-of-doubleentry-bookkeeping.html. In a sudden flash of comprehension, I understood why my Paypal account looks so complicated!

Not entirely sure I'm ready to start doing this for real, but at least I get the idea now. Hope it helps you, too smile

daisydee43 Wed 09-Oct-13 16:49:11

Hi have had a look - gives good info on purchasing items but what about putting in income and deducting wages?

garlicvampire Wed 09-Oct-13 17:10:14

Well, wages are a purchase so they'd work the same way as the examples. Couldn't figure out the income part myself, so Prof Google provided another 'Aha!' moment grin
www.clearbooks.co.uk/support/guides/accounting/double-entry-book-keeping-explained-the-golden-rule/

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