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Double Entry Accounting Defined. True to its name, double-entry accounting is a standard accounting method that involves recording each transaction in at least two accounts, resulting in a debit to one or more accounts and a credit to one or more accounts.
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).