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In double entry accounting, we use two columns for each account and enter only positive numbers.
Two accounts are always affected by each transaction, one must be a debit and the other must be a credit of equal amount. Sometimes more than two are affected when multiple entries are made against 1 credit/debit.
This double entry accounting system provides a method of checks and balances. By adding up all of the debits and adding up all of the credits and comparing the two you can notice errors or correct many common types of bookkeeping mistakes.
In accounting terms “credits” and “debits” are understood in the opposite of the use in everyday language. In everyday language you think of a credit as adding to an amount. However, in accounting terms, if a transaction causes a company’s checking account to be credited, its balance decreases.
Whether a debit or a credit increase or decrease an account balance depends on the type of account.
Asset, such as bank accounts, and expense accounts are increased on the debit side (R).
Liability, equity and revenue accounts are increased on the credit side (L).
Debit is always entered on the Left Credit is always entered on the Right
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