Pacioli’s Summary of Bookkeeping

This week’s video looks over Pacioli’s summary bookkeeping, and points out how complete the bookkeeping cycle is documented. Below is Jerry Cripps translated version the summary. The full translation can be found here.  This is Episode 122 of Conversations with Kip, the best financial system vlog there is. Entries in the Ledger “1. In the ledger, all debits must be entered in the left-hand column … Continue reading Pacioli’s Summary of Bookkeeping

Pacioli Trial Balance and Closing

This week’s video gives an overview of each chapter in Luca Pacioli’s seminal bookkeeping treatise, and focuses on the last steps of the accounting cycle. Pacioli covered many special topics of accounting, including partnership accounting, petty cash, year-end rollover, statement production, error correction and more. An interesting point is how short the description of financial reporting is. The trial balance is the only financial report … Continue reading Pacioli Trial Balance and Closing

Pacioli and Blockchain

This vlog episode connects Pacioli’s comments on reconciling multiple books to today’s interest in blockchain technologies. Pacioli, in his treatise on bookkeeping written in 1494, talks about transactions with various parties, including taxes to the local government, banking transactions, consignment of goods, and transactions with long distance salesman. He notes the importance of capturing data carefully for all transactions. This become more difficult with turn-over … Continue reading Pacioli and Blockchain

Pacioli and Meticulousness in Bookkeeping

The emphasis on being accurate in bookkeeping is evident in the first treatise about it, written in 1494 by Luca Pacioli. He reiterates in numerous places things that can make the books more accurate, cleaner, and neater. As just one example, Jeremy Cripps’s translation of Pacioli says: “The person who wishes to know how to keep a Ledger and Journal using a proper system of … Continue reading Pacioli and Meticulousness in Bookkeeping