the Double-entry accounting, short for double-entry bookkeeping, is the dominant accounting system for companies worldwide today. Its central feature is that every business transaction is recorded twice: once in an account in the Target and once on a contra account in the Have. This mechanism ensures that the sum of the debit entries always equals the sum of the credit entries, which creates a self-contained and self-checking system. The success of a company is also determined twice in double-entry accounting: once via the Profit and Loss Account (comparison of expenses and income) and once via the balance sheet (comparison of equity at the beginning and end of the financial year). This double entry and double determination of profit and loss give the system its name. The principles of double-entry accounting are the logical basis for every modern accounting system and the entire Financial management in SAP Business One. Advanced financial add-ons such as the Versino Financial Suite use this precise data basis to create complex and informative financial reports.
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