From the course: QuickBooks Pro 2020 Essential Training
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The double-entry system of accounting - QuickBooks Pro Tutorial
From the course: QuickBooks Pro 2020 Essential Training
The double-entry system of accounting
- [Instructor] QuickBooks uses what's called a double entry accounting system. This is a formal system that's a worldwide standard for accounting. What a double entry system means is that every single transaction or every record in QuickBooks has at least two records that are going on behind the scenes. There are two transactions. A debit and a credit, and they have to add up to the same amount. Most of the time, you don't see this happening. For example, when I create an invoice and I'm going to show you how to do this later, you're sending it out to a customer, and an account of yours will get debited. That account is the accounts receivable account. It's the account that's waiting for this money. It's going to be in the balance due field. When your customer pays you, that payment gets credited from your accounts receivable, and it's being debited into your company's checking account, which is where the money is…
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