Your explanation isn’t quite correct. Single or double entry accounting system do not relate to cash or accrual based accounting. I use double entry accounting software for a cash based business. In fact when setting up, the software asks if I was to use a cash or accrual system. I’m not an accountant, but that is what I think.
There is some ambiguity in terminology but the basic point is that if you choose the accrual accounting system then you will automatically choose double entry accounting.
Thank you for the clear explanation. I enjoyed the vid. 😎🤟
Your explanation isn’t quite correct. Single or double entry accounting system do not relate to cash or accrual based accounting. I use double entry accounting software for a cash based business. In fact when setting up, the software asks if I was to use a cash or accrual system.
I’m not an accountant, but that is what I think.
There is some ambiguity in terminology but the basic point is that if you choose the accrual accounting system then you will automatically choose double entry accounting.
@@TheBookkeepingChannel That's how I understood it