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How to account for rent free periods
Know how to use dual-entry accounting.
Dual-entry (also called double entry) accounting is a fundamental process of modern bookkeeping. It makes sure that every transaction is recorded in the two (or more) accounts that it affects.
In addition, it ensures that the sum of these entries is $0 under the equation assets = liabilities + shareholders' equity. An understanding of dual-entry accounting is essential to accounting for rent-free periods properly.