Small businesses with few assets, liabilities or daily transactions can use a simple single-entry accounting system. This only requires the use of a single-entry ledger, often referred to as a S.E. ledger, and allows you to quickly record debit and credit transactions in a single location. You may find this method is preferable to double-entry accounting, which requires you to record transactions as debits from one account and a credit to another, or vice versa.
Enter the date of the transaction you are recording in the far-left column. Some single-entry ledgers use the column furthest to the left for writing the abbreviated month and the smaller column next to it for the day.
Enter a description of the transaction next to the date. This should be a short note, such as "Purchased printer ink," "Paid electric bill," "Performed 2 hours of consulting services" or "Sold a chair."
Place the amount of the transaction in either the debit or credit column. If these columns are not labeled on your ledger, debits are usually placed in the column directly next to the description and credits are placed in the following column. If your ledger does not have two separate columns for debits and credits, place the debits inside parenthesis.
Add the debits column and the credits column at the end of the month. Subtract the debits from the credits to determine your revenue for the month.
- Double-check your math to make sure your figures are accurate.