Blind Entry

DEFINITION of 'Blind Entry'

An accounting entry found in financial bookkeeping that is made without giving any explanatory description of the transaction that precipitated the entry. Blind entries do contain the necessary basic information required to keep accounting records correct and up-to-date, as they specify the currency value of the entry and whether it is a debit or a credit.

BREAKING DOWN 'Blind Entry'

Blind entries can be appropriate in certain situations, such as with a business that sells only one product or service, where there is not much practical need to differentiate incoming sales between various customers. However, if used in any other context, blind entries should be investigated further.

RELATED TERMS
  1. Closing Entry

    A journal entry made at the end of the accounting period. The ...
  2. Double Entry

    The fundamental concept underlying present-day bookkeeping and ...
  3. Adjusting Journal Entry

    An entry in financial reporting that occurs at the end of a reporting ...
  4. Entry Point

    The price at which an investor buys an investment. The entry ...
  5. Zero-Proof Bookkeeping

    A manual bookkeeping procedure in which posted entries are systematically ...
  6. Blind Bid

    An offer to purchase a bundle of securities without knowing the ...
Related Articles
  1. Investing

    Explaining Double Entry Accounting

    Double entry is an accounting and bookkeeping term describing the method of entering transactions into the accounting records.
  2. Investing

    What Does Debit Mean?

    Debit is an accounting term used to refer to the left side of an accounting journal entry. Each debit must be offset by an equal credit entry.
  3. Retirement

    How to Establish a Blind Trust

    ...and the reasons why you might want to do so.
  4. Investing

    Accounting Basics: The Accounting Process

    By Bob Schneider As implied earlier, today's electronic accounting systems tend to obscure the traditional forms of the accounting cycle. Nevertheless, the same basic process that bookkeepers ...
  5. Personal Finance

    5 Reasons You Should Have Global Entry

    Have you been considering Global Entry? Here are five reasons why you should go ahead and fill out your application today.
  6. Investing

    How to Make a Closing Entry

    Observe the following procedure for making closing entries.
  7. Investing

    Financial History: The Evolution Of Accounting

    Follow accounting from its roots in ancient times to the profession we now depend on.
  8. Managing Wealth

    Career Advice: Accounting Vs. Bookkeeping

    Learn the nuances that separate the similar careers of accounting and bookkeeping, and identify which is better for you based on your skills and career goals.
  9. Investing

    Understanding the Accounting Cycle

    An accounting cycle consists of the traditional procedures performed to record business events and transactions in a company’s accounting records.
  10. Trading

    Day Trading Strategy Steps

    Five trading strategy steps for building your own day trading strategies, managing risk, finding entry and exit points and testing for profitability.
RELATED FAQS
  1. You are analyzing a small company's financials, and notice that the bookkeeper made ...

    The best answer is 2. 1 is tempting, but wrong, because an asset "sounds like" a debit but the depreciation expense here ... Read Answer >>
  2. What is double entry bookkeeping and how does it work in the general ledger?

    Learn about the double entry method of bookkeeping and how it works in the general ledger. Every accounting transaction has ... Read Answer >>
  3. How can I use Excel as my business's general ledger?

    Follow these steps to set up a general ledger accounting system in Excel. A small business can use Excel as a substitute ... Read Answer >>
  4. Given a good bookkeeping system, would financial accounting be necessary?

    Bookkeeping and financial accounting may seem like they are new creations, but variations have been around for millennia. ... Read Answer >>
  5. How is an accrued interest entry made in accounting?

    Learn how to create common journal entries for accrued interest, including adjusting entries and delayed bond issues sold ... Read Answer >>
  6. How strong are the barriers to entry in the oil and gas sector?

    Learn what a barrier to entry is and how it helps existing companies. Understand the strength of barriers to entry in the ... Read Answer >>
Hot Definitions
  1. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  2. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  3. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  4. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  5. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  6. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
Trading Center