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.
Debits and credits occur simultaneously in every financial transaction in double-entry bookkeeping. In the accounting equationâAssets = Liabilities + Equityâif an asset account increases (a debit), then either another asset account must decrease (a credit), or a liability or equity account must increase (a credit).