Why Use Double-Entry Accounting?
Double-entry accounting helps you avoid mistakes. This is why professional accountants use it. A double-entry system provides a good check-and-balance benefit, by making it easier for you to trace the source of any entry errors. It also provides more useful and complete information to you than you would get with just a single-entry “checkbook” approach. Because each transaction contains both a source and destination, double-entry provides valuable details that can be sorted and viewed in report form later. Reports allow you to see things like how much money you made for the year and where it all went, what your net worth is, and what your taxes might be for the year. GnuCash offers an advantage over traditional accounting packages because it does a lot of the double-entry work for you while still giving you the accuracy benefits of double-entry accounting.
