In double-entry bookkeeping you enter all transactions in the books twice: once as a debit and once as a credit. To keep your debits and credits straight follow this table which shows you how both impact on your various business accounts. Put a copy of this up by your desk to check back to for quick reference:
| Account Type | Debits | Credits |
|---|---|---|
| Assets | Increase | Decrease |
| Liabilities | Decrease | Increase |
| Income | Decrease | Increase |
| Expenses | Increase | Decrease |
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Source:http://www.dummies.com/how-to/content/the-flow-of-credits-and-debits-in-doubleentry-book.html
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