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.
Double Entry Bookkeeping System Accounting equation plays a significant role as the foundation of the double entry bookkeeping system. This accounting system ensures that a companyâs accounts are always balanced and that all financial transactions are documented in detail.