A DBA can be highly beneficial for business marketing, but setting up bank accounts in the name of a DBA rather than in the legal name of the individual or entity that owns the business can be complex and require documentation proving that you have a right to use the business name.
Most businesses use double entry accounting, a system in which every financial event causes two transactions, a debit in one account and an equal offsetting credit in another account. When a company establishes an accounting system, it must choose to use either a single entry system or a double entry system.
Definition. An accepted form of accounting that records all revenues and expenditures at the time when payments are actually received or sent. This straightforward method of accounting is appropriate for small or newer businesses that conduct business on a cash basis or that don't carry inventories. See also: List of Key Accounting Terms and Definitions at InvestorGuide.com.