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The genesis of double entry bookkeeping

journal contribution
posted on 2023-06-09, 00:05 authored by Alan Sangster
The 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 Review

ISSN

0001-4826

Publisher

American Accounting Association

Issue

1

Volume

91

Page range

299-315

Department affiliated with

  • Business and Management Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2016-01-20

First Compliant Deposit (FCD) Date

2016-01-19

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