As its name suggests, single-entry bookkeeping records only one entry per transaction. You enter the account title and input either a positive or negative amount, depending on whether you earned or spent money. This type of bookkeeping is only recommended for small businesses with not much activity. Double-entry bookkeeping, on the other hand, records two entries per transaction — one in the debit column and the other in the credit column. Most property owners use this method of bookkeeping because you can accurately determine your profit or loss and easily catch discrepancies or fraud. Additionally, with double-entry bookkeeping, you can prepare financial statements straight from your books.