Friday, May 16, 2014
As you can see from the attached image, the book is arranged with credits on the left side and debits on the right. If I'm correctly understanding his system (by no means a given), Thompson used the terms in way we think of them now when looking at a bank statement--credits are money received (left) and debits are payments made (right). This seems unusual to me, as I believe the terms are used in the opposite way in traditional accounting/bookkeeping speak. Traditional bookkeeping also typically puts debits on the left and credits on the right. Corrections and clarifications from those more knowledgeable than me are always welcome!
Posted by Laurel Davis at 10:44 AM