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From the time of ancient Babylonians until the 15th century, business changes were recorded by describing in the reminders, the so-called memories. There were no expenditures and income and property value was determined by the inventory.
In 1458, Dubrovnik citizen Benko Kotruljić wrote a book “About Trade and a Perfect Trader” – known for its chapter XIII, where he described the principles of dual accounting and the methods of recording transactions which are used even today. In this not very known piece in these regions, a complete bookkeeping concept has been drawn up, one which is a cornerstone for the future accounting development.
.Namely, the Kotruljić family were merchants who settled in Dubrovnik around 1350. At that time, Dubrovnik was a great trading centre and an independent republic, and Benko himself was born in 1416. His education started in Dubrovnik and continued in Italy where he studied philosophy and law in Naples. He returned to Dubrovnik after his father’s death in 1436 to take over the family business in a shop with wool, which was traditionally bought in Bosnia and Serbia, and sold in Italy and Spain. Finally, in 1453, he moved to Naples with his family, where he governed a mint until his death in 1469.
This man, Benko Kotruljić, was most likely a Serb by origin, and it was him who had the honour to create a dual bookkeeping system which was and remains a unique and unprecedented concept of bookkeeping.
Accounting itself is defined as a scientific method of systematic recording, reporting, planning, monitoring, and analysis of economic transactions generated by the business of a company. By its nature, accounting is a part of the management function of a company with the most significant integrals: Bookkeeping with Balance, Cost Accounting, Accounting Planning with Analysis and Accounting Supervision.