Older accountants will, recognise this phrase as a way of assisting the completion of accounts. Every debit must have an equal and opposite entry ( credit) to acheive a 'balanced' set of accounts.
The term has moved because of change
firstly, computer systems have largely removed manual book keeping and ledger accounting
secondly we have seen the advent of the T manager and accounting functions have evolved from a purely reporting function to a more operational nature.
The 'balance' now comes from a set of operational processes in harmony with the goals of the organisation
My free download eplains this in a bit more detail
www.lenejones.com/download/Taccounting.doc
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