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The genesis of double entry bookkeeping
journal contribution
posted on 2023-06-09, 00:05 authored by Alan SangsterThe emergence of double entry bookkeeping marked the shift in bookkeeping from a mechanical task to a skilled craft, and represented the beginnings of the accounting profession. This study seeks to identify what caused this significant change in bookkeeping practice. I do so by adopting a new accounting history perspective to investigate the circumstances surrounding the emergence of double entry in early 13th century Italy. Contrary to previous findings, this paper concludes that the most likely form of enterprise where bookkeeping of this form emerged is a bank, most likely in Florence. Accountability of the local bankers in Florence to the Bankers Guild provided a unique external impetus to generate a new form of bookkeeping. This new bookkeeping format provided a clear and unambiguous picture of the accounts of all debtors and creditors, along with the means to check that the entries between them were complete and accurate.
History
Publication status
- Published
File Version
- Accepted version
Journal
The Accounting ReviewISSN
0001-4826Publisher
American Accounting AssociationExternal DOI
Issue
1Volume
91Page range
299-315Department affiliated with
- Business and Management Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2016-01-20First Compliant Deposit (FCD) Date
2016-01-19Usage metrics
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