Who is the Father of Accounting?

Luca Pacioli, Jacopo de' Barbari, at about 1496

Image via Wikipedia

Where did we get the financial record keeping system we use today?  Who said debits means left and credits means right?

And why are these serious looking guys dressed up in 15th century costumes?

Double entry record keeping is the foundation of modern accounting. Luca Pacioli is generally considered to be the Father of Accounting. Pacioli was born in Tuscany around 1445. His most important work was a book about mathematics titled Summa de arithmetica, geometria, proportioni et proportionalita (which is translated: The Collected Knowledge of Arithmetic, Geometry, Proportion and Proportionality). The book was published in 1494 and was the first work to describe double entry accounting in detail.

Double entry simply means for each entry on one side of the accounting ledger there must be a corresponding entry on the opposite side of the ledger. This process keeps the accounting records in balance. T charts are a basic but effective tool to graphically represent double entry accounting. Ask your executive education instructor or coach to demonstrate accounting entries using T charts.

Now you can be the big winner at your next company trivia contest or dress to impress at Halloween.

About Michael Shelton

Your Business Coach Facilitating Delegation and Work Group Engagement Michael Shelton has over twenty-five years of business and military accomplishments, including extensive experience with one of the largest, publicly traded real estate investment trusts (REIT). He is a qualified business coach with assignments in cross-functional work group management, strategic planning, unit leadership, joint venture acquisitions, executive education, mentoring, training and merger integration. Michael has accumulated best practices for building committed work groups from more than $4 billion of capital markets transactions and commercial property development. He served as a commissioned officer and helicopter pilot in the U.S. Army, and earned his MBA from The University of Arizona. Michael has served as a major conference panelist and is the author of Cash Flow Rich, Winning Ways to Evaluate and Finance Real Estate. Today, he helps business owners get more work group engagement as President and CEO of Shelton Business Services, LLC in Scottsdale, Arizona. Disclaimer: I don't offer investment, legal or tax advice. Talk to your broker, accountant or lawyer for investment, tax and legal help. I might own stock in the companies I mention on-line. My posts, tweets and other on-line activity are my personal thoughts and don't represent my employer or company.
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