oboloo Glossary

Accounts Debit Credit

oboloo Glossary

Accounts Debit Credit

Accounts Debit Credit (ADC) is a term used to describe the system of recording all financial transactions in an organization. Every time money is exchanged, both a debit and credit account will be impacted as part of the transaction. By double entering each transaction in two separate accounts, ADCs ensure that every dollar or cent is accurately recorded and balanced against other transactions. This system of balancing debits and credits provides an efficient way of tracking money flows and creating accurate reports for business owners, investors, and government agencies. With ADC, businesses can save time, money, and energy, while providing reliable financial records for decision-making.