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History of Double Entry Bookkeeping

The records system is believed to have started in Italy in the 14th century in line with trade developments. In 1491, Luca Pacioli, a mathematician and an Italian¬†Franciscan¬†monk published his mathematical book entitled Summa de Arithmetica, Geometria, Proportioni et Proportionalita in Venice. This book is the first book of accounting ever published and a section on the bookkeeping regulations can be found in it. The bookkeeping based on the record is known as the Venetian Method. Since the introduction of double entry bookkeeping, this system is the basis of accounting records for all forms of organization and business until today. Luca Pacioli is a pioneer in accounting and is known as “Accounting Father”.