The Father Of Bookkeeping Or Double Entry Bookkeeping System.
The double entry bookkeeping has mainly been accredited to one Italian, Frater Luca Bartolomes Pacioli (1445-1517).
Actually Pacioli did not invent double-entry bookkeeping,however, on November 10, 1494 he published the first complete textbook, “Summma de Arithmetica, Geometria: Proportioni et Proportionalita” (meaning “ Everything About Arithmetic, Geometry and Proportion”) describing the standard accounting system with such detail and clarity that it became the standard system for keeping accounts. Pacioli painstakingly noted the use of various bookkeeping tools including journals and ledgers. He is widely known as the father of modern bookkeeping.
Background of Frater Luca Bartolomes Pacioli:
• He was born in 1445 at Borgo San Sepulcro inTuscany, Italy. He was a mathematician. He was a friend of the great artist Leonardo da Vinci. At age 37, Frater Luca Pacioli became a Franciscan friar and traveled the country teaching and expounding on mathematics. He did not earn his doctorate degree until 1486, but by that time, he had accomplished a great deal of work in the field of mathematics. He lived until 1517.
• Pacioli was indeed a Renaissance man” in the true sense of the expression, acquiring an amazing knowledge of diverse technical subjects – religion, business, military science, mathematics, medicine, art, music, law and language.
• His friend Leonardo da Vinci helped prepare the drawings for Pacioli’s 1497 work, Divina Proportione; in turn, Pacioli is reputed to have calculated for da Vinci the quantity of bronze needed for the artist’s huge statue of Duke Lidovico Sforza of Milan.
• Around 1482, after completing his third treatise on mathematics, Pacioli – like many of his time who sought preferment as a teacher – he became a Franciscan friar. He traveled throughout Italy, lecturing on mathematics, and in 1486 he completed his university education with the equivalent of a doctorate degree.
In fact, it was Benedetto Cotrugli who was credited with inventing the double entry bookkeeping process. Cotrugli wrote Delia Mercatura et del Mercante Perfetto (“Of Trading and the Perfect Trader.”) in 1458. It and other hand written manuscripts seem to have circulated in the Italian city states during the 15th century. Cotrugli’s book was not published until 1573 so Paciolo may claim the first published text
In Pacioli’spublished book: “Summma de Arithmetica, Geometria: Proportioni et Proportionalita” (meaning “ Everything About Arithmetic, Geomeetry and Proportion”), he advocated that the trial balance (summa summarium) is the end of accounting cycle. Debit amounts from the old ledger are listed on the left side of the balance sheet and credits on the right. The two totals equal, the old ledger is considered balanced. If not, says Pacioli, “that would indicate a mistake in your Ledger, which mistake you will have to look for diligently with the industry and intelligence God gave you.”
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