Solstin on Nostr: #AES #Bitcoin §32 Double-Entry Ledger During the 14th century, merchants in Venice ...
#AES #Bitcoin §32 Double-Entry Ledger
During the 14th century, merchants in Venice and other Italian merchant cities developed a double-entry accounting method. Instead of exchanging gold for goods, merchants would orally describe the transaction to a scribe while the gold remained at a safe location. The debits were on the left half of the page, and the credits were on the right half of the same page. Each transaction recorded both sides of a transaction, so the total of one side had to equal the total of the other side. Traceability helped improve the accuracy of the records.
During the 14th century, merchants in Venice and other Italian merchant cities developed a double-entry accounting method. Instead of exchanging gold for goods, merchants would orally describe the transaction to a scribe while the gold remained at a safe location. The debits were on the left half of the page, and the credits were on the right half of the same page. Each transaction recorded both sides of a transaction, so the total of one side had to equal the total of the other side. Traceability helped improve the accuracy of the records.