A system of mercantile book-keeping, in which the entries in the day-book, etc., are posted twice into the ledger. First, to a personal account, that is, to the account of the person with whom the dealing to which any given entry refers has taken place; secondly, to an impersonal account, as “goods.” Mozley & Whitley.

More On This Topic

Link to This Definition
Did you find this definition of DOUBLE ENTRY helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary