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History of Bookkeeping

The Father of Bookkeeping was an Italian, a renaissance man, a colleague of Leonardo da Vinci. His name is Fra Luca Pacioli.

Scholars have found records of debits and credits dating back to Italy in the 1300’s. Following the dark ages, it is believed that merchants began using the double-entry bookkeeping systems – or something very close to it.

Several systems were developed by mathematicians and businessmen to summarize and communicate business transactions, yet only one survived to become the standard system we use today. That was the one developed by Fra Luca Pacioli.

Although Pacioli did not invent double-entry bookkeeping, in 1494 he published the first complete textbook describing the system with such detail and clarity that it became the standard system for keeping accounts. His system is still used today.

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