Happy International Accounting Day!
Tuesday 10 November 2015
On the 10th November, 1494, Luca Bartolmeo de Pacioli published Summa de Arithmetica, Geometria, Proportioni et Proportionalita. Bit of a mouthful but translates as Summary of Arithmetic, Geometry, Proportions and Proportionality. This book is especially important as it is the first printed work that has a published description of the double-entry bookkeeping systems, also known as the Venetian method. Pacioli became quite the celebrity at the time, and The Summa was the most widely read mathematical work in Italy.
Pacioli had such an impact on the development and standardisation of professional accounting methods that he became known as the 'father of accounting'. The book's thoroughness and clarity made it a point of reference right throughout the sixteenth century.
He warned that you should not go to sleep at night until your debits equalled the credits and his account categories are still reported on balance and income sheets today. These included capital income, expenses and liabilities. His chapter covering business introduced the rule of 72 for predicting an investment's future value, and anticipated the development of this logarithm by more than a century.
A little known fact about Pacioli was that one of his pupils was Leonardo da Vinci, as he taught him perspective and proportionality.#
To celebrate International Accounting Day, we would like to offer you a special discount on any course booking that you make today! Choose your training course and enter the promo code ACCOUNTINGDAY when booking to get 10% off your course fee.
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