Account: Difference between revisions
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An '''account''' in [[ContactsLaw]] is analogous to its namesake in double-entry accounting. | An '''account''' in [[ContactsLaw]] is analogous to its namesake in double-entry accounting. | ||
[[Transaction|transactions]] are posted to accounts to affect their balance. Each line item of a transaction debits one account and credits another by the same amount. This ensures that the sum of all account balances is always zero. | |||
[[Category:Accounting]] | [[Category:Accounting]] | ||
Revision as of 17:55, 10 July 2023
An account in ContactsLaw is analogous to its namesake in double-entry accounting.
transactions are posted to accounts to affect their balance. Each line item of a transaction debits one account and credits another by the same amount. This ensures that the sum of all account balances is always zero.