Triple Entry Bookkeeping

Definition: Triple Entry Bookkeeping is an advanced method of recording a transaction introduced by Yuki Ijri in 1986. It is based upon the traditional double entry recording system.
In a traditional double-entry system, every transaction involves two entries: a debit and a credit one. This ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced.
In a triple-entry system, a third entry is being added. This third entry is typically a cryptographic receipt that is shared among all parties involved in the transaction. This receipt is stored on a blockchain, ensuring its accuracy and transparency.

💡

Learn more about Triple Entry Bookkeeping.

More on accounting and auditing: Accounting Cycle, Accounts Payable, Accounts Receivable, Accrued Revenue, Amortization, more on accounting and auditing...

MBA Brief provides concise yet precise definitions of organizational concepts, management methods, and business models as taught in an MBA program.

We keep it short and provide links to high-quality websites where you can learn more about your topic.

Add MBA Brief to your desktop / iPad