A Conversation for The Basics of Double Entry Book-keeping

debit or debit

Post 1

Sir Kitt

Is it me or is there something wrong with this line:

"The total of the debits equals the number of the debits, and so the accounts balance."


debit or debit

Post 2

Geoff Taylor - Life's Liver

Well spotted. smiley - smiley

That little blighter slipped through the entire review process. It was pointed out to me last week and although I asked for it to be corrected, such was not to be.

Of course it should read...

"The total of the debits equals the number of the CREDITS, and so the accounts balance."

Ho hum
smiley - cheers


debit or debit

Post 3

Ashley



Well spotted indeed... you see Sam saw nothing wrong with this and so let it through - which may explain why he is busking as we speak at Covent Garden Tube smiley - smiley


debit or debit

Post 4

Geoff Taylor - Life's Liver

Cheers, Ashley!

smiley - cheers


debit or debit

Post 5

easilyPb

Though of course the total number of debits never equals the total number of credits. Ever. smiley - grr


debit or debit

Post 6

Geoff Taylor - Gullible Chump

Because you are not enlightened, Grasshopper.
You are young, with much to learn of our ways.

smiley - cheers


debit or debit

Post 7

easilyPb

Ah, but what you did not mention is that it was invented by a mad medieval Italian monk, and is therefore impossible to get the debits and credits to balance unless you are a mad madieval Italian monk. Plus of course, I always get them mixed up (Are credits window side or door side?) smiley - winkeye


debit or debit

Post 8

Geoff Taylor - Gullible Chump

Window....door.... I always get mixed up whenever I change offices.

Anyway, thanks to all for this thread; I was worried that Double Entry Book-keeping might make it to the "most ignored" list.


debit or debit

Post 9

easilyPb

Possibly just the least understood list! smiley - winkeye


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Post 10

Geoff Taylor - Gullible Chump

smiley - laugh


debit or debit

Post 11

easilyPb

This entry will not be forgotten!
We are not boring!
We have personalities!
And some of our jokes are really quite amusing!smiley - winkeye

We should start a campaign. Or a society. Or both. They seem very popular round here.

smiley - ok


debit or debit

Post 12

Geoff Taylor - Gullible Chump

I hope some of my jokes are amusing... I'm a stand-up comedian in my spare time. Seriously!

smiley - cheers


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Post 13

easilyPb

smiley - cool You are a living banner for our cause!
Presumably, you don't tell "amusing" accounting yarns?
smiley - biggrin


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Post 14

The_Real_Woodworm

I once heard an amusing accounting yarn. The trouble is, nobody ever knows what the punchline was, because they are asleep by then.....


debit or debit

Post 15

MrTonyman

"The total of the debits equals the number of the CREDITS, and so the accounts balance."

surely - "The total of the debits equals the TOTAL of the CREDITS, and so the accounts balance."


debit or debit

Post 16

BrownFurby

That makes more sense. Thank you for posting that correction.

h2g2 is a very unevenly edited guide and this part of it is probably not being updated at the moment.

I have brought it to the attention of those I think need to know so it can be looked at.


debit or debit

Post 17

BrownFurby

Well I hope no-one has been using the incorrect information over the last 9 years to actually balance their books or anything. smiley - thief

Perhaps they have and this goes some way to explain the sorry state of our economy. smiley - erm

Anyway I did track down those with the power to make changes and they were most helpful and it has now been corrected. smiley - cheers


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