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. Double Entry

    The fundamental concept underlying present-day bookkeeping and ...
  2. Closing Entry

    A journal entry made at the end of the accounting period. The ...
  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. Debit

    An accounting entry that results in either an increase in assets ...
Related Articles
  1. Economics

    Explaining Double Entry Accounting

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

    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. Forex Education

    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. Investing

    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. Chart Advisor

    Big Stock Movers: Here's Where to Get In

    These four stocks were big price movers on June 17 based on news; here's how to get in on the action.
  8. Professionals

    Financial History: The Evolution Of Accounting

    Follow accounting from its roots in ancient times to the profession we now depend on.
  9. Professionals

    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.
  10. Economics

    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.
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. Labor Market

    The labor market refers to the supply and demand for labor, in which employees provide the supply and employers the demand. ...
  2. Demand Curve

    The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity ...
  3. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  4. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
  5. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  6. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
Trading Center