Debit and credit – what in the world do they mean?

It is not surprising when small to medium sized business owners query about Debits and Credits and the whole system of double entry bookkeeping, but it is a shock when you ask an accountant and they can’t explain it, although most of us accountants use the system day in day out.

I would like to share a feeble philosophy that I like to call ‘The World of Accounting’.

The two fundamental statements portraying your financial position are called the  [read more →]