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Double Entry Accounting Defined. True to its name, double-entry accounting is a standard accounting method that involves recording each transaction in at least two accounts, resulting in a debit to one or more accounts and a credit to one or more accounts.
Debit and credit accounts. For each transaction, you record debits and credits. In other words, you record two or more entries for every transaction. This is double-entry bookkeeping. To do your bookkeeping, you separate your transactions into accounts. 1  These are five common accounts: 2  Assets: Something of value that you can convert into cash (e.g., property, cash, vehicles). 3  Expenses: Costs that occur during business operations (e.g., wages, supplies).