(PA)
Is there a budget threshold that triggers a requirement to use double entry system? Our expense budget is about $370,000 annually. Thanks.
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1Comments
Double Entry Accounting System
VVickey
There is not a budget threshold; however, if your organization has very many assets and liabilities to track, a double entry accounting system would be a better option.
See this page on basic accounting for the difference between single entry and double entry bookkeeping.
With an annual budget as large as yours, I would definitely recommend checking into a good double entry accounting system.
See this page on basic accounting for the difference between single entry and double entry bookkeeping.
With an annual budget as large as yours, I would definitely recommend checking into a good double entry accounting system.