Single-entry accounting

{
  "id": "MLC-T-LAW-004562",
  "term": "Single-entry accounting",
  "field": "Law",
  "definition": "A method of bookkeeping that records financial transactions as single entries in a journal, similar to a checkbook register. It primarily tracks the flow of cash by logging income and expenses without a corresponding debit or credit entry for each transaction. While simple for small businesses, this system does not produce a self-balancing set of accounts like the double-entry method.",
  "url": "https://mlchart.com/terminology/law/single-entry-accounting/"
}