The dual entry system of accounting is an important and widely-used accounting method that utilizes double-entry bookkeeping in order to record transactions. This system works by recording each transaction twice – once as a debit entry and once as a credit entry, hence the term “dual entry.” This system helps to ensure accuracy and allows for easier reconciliation of accounts. It also helps to clearly trace financial information so it’s more easily understood and analyzed. In simplest terms, it’s double-checking your work twice before coming up with the final number, making sure all of your numbers are accurate and can be traced back to their original source.