Debit increases an asset. The ownership of the assets of an organization by its creditors. Revenue accounts are kept to reflect the different sources of income. Credit increases a revenue account. The costs of doing business.
Debit increases an expense account.
E. Fund Accounting Non-profit method of accounting by which each department tracks a portion of the total cash equity of the organization. No more receipts journal, disbursements journal, payroll journal, checkbook, and general ledger. All are consolidated. Powerful data management Computers are obvious data workhorses. Speedy reporting A computer can print in seconds a report that it might take you hours or even days to produce by hand.