The modern Double Entry form of bookkeeping was first used by the Venetians over 500 years ago.
At the time Venice was a great trading city and the merchants needed some way of tracking the transactions that took place between themselves.
The first recorded publication of the methods was by a Franciscan monk, teacher and mathematician Luca Pacioli (c1446 - 1517), who, although he did not actually invent the system, is regarded as the father of bookkeeping. One of his other claims to fame, is that he taught Leonardo Da Vinci.
It is based on the principal that every transaction has two elements, one part gives and one part receives. An example of this is a simple purchase, when money is given and goods are received. Double entry bookkeeping records both parts and periodically checks that nothing has been missed by confirming that both parts add up to the same amount, in other words, that they balance.
Originally clerks would keep the books on shelves or ledges around the room, because of this they became known as Ledgers and they are still called that today, even in most computerised systems.
The same basic principals are applied today in modern financial business transactions.
Wella Book Keeping Solutions holds a Practice Licence issued by
The Institute of Certified Bookkeepers and abides by the code of conduct of the institute.
To visit The Institute of Certified Bookkeepers website click on the crest opposite.
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