Single entry?

A single entry refers to a type of visa that allows the holder to enter a country only once during a specified period of time. Once the individual leaves the country, they would need to apply for a new visa if they wish to re-enter.

Definition:

Single entry is a simplified accounting method that records only individual transactions, not both the debit and credit entries of a journal entry.

Key Characteristics:

- Transactions are recorded in a chronological order.
- Each transaction is recorded in a single line, without balancing entries.
- No formal ledger accounts are maintained.
- Totals are calculated periodically to provide summary information.

Advantages:

- Simplicity and ease of use, especially for small businesses.
- Minimal accounting knowledge required.
- Less time-consuming and inexpensive compared to double-entry bookkeeping.

Disadvantages:

- Lacks accuracy and completeness due to the absence of balancing entries.
- Difficult to track income and expenses effectively.
- Not accepted for tax reporting purposes in most countries.
- Provides limited financial information for decision-making.

Applications:

Single-entry accounting is suitable for:

- Small businesses with low transaction volumes.
- Individuals tracking personal finances.
- Non-profit organizations with limited resources.
- Temporary or short-term projects.

Examples:

- A small retail store records each sale as a single line item in a cash register.
- A freelancer uses a notebook to track income and expenses for tax purposes.
- A non-profit organization maintains a simple spreadsheet to record donations and expenses.