BADGER 1 used its own accounting model. The common model is double-entry accounting.

Aspects of simple accounting model:

• Very simple.
• Intuitive to understand.
• BADGER users are used to it.

Aspects of double-entry accounting:

• Proven for centuries.
• Standard accounting model.
• Not intuitively understandable by people without business knowledge.
• Would require a way to hide its complexities from "simple" users.

One way to hide the complexities of double-entry accounting would be as follows:

• The user can select whether he/she wants to use double-entry accounting.
• If he/she does want to use it, BADGER refuses to record a booking without proper counter-entry.
• If he/she does not want to use it, BADGER automatically calculates the missing counter-entry and records it to a hidden account.

yes. i vote for double-entry accounting including a way to hide it to those who chose not to use it. (badger simple, badger power or something like that ... )

What is the difference between accountancy and accounting? My cousin is going to be applying for a course and she needs to know the difference between accountancy accounting.
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Spyfu

there is no difference.

Double Entry Accounting. What account should you use when accounting for taxes.?
I am unsure of what accounts should be used when using double entry accounting to account for and paying a tax bill for the last quarter. Should it be considered as a liability, asset or an expense. What account should be debited and credited when the bill is recieved and when it is paid.

in double entry accounting, all accounts have a debit/soll and a credit/haben side.
assets and expenses (aktiva) increase with entries in the debit column.
liabilities, equity and income (passiva) increase with entries in the credit column.
see http://en.wikipedia.org/wiki/Debit for more details.

For your tax question I can think of two scenarios:

500€ income tax payment for a private person:
you need an account that you call "taxes". you book the transaction in this account and the accoutn out of which you pay the taxes (i.e. bank account)

it gets a bit more complicated if you're talking about VAT, because you have to already do double entry accounting when accounting for the income:

1000 € income as a freelancer etc.
1000 € + on account "income"
200 € (20% VAT) + on account "pretax"

then when you pay the taxes, you book the tax account versus the pretax account to even them out.

I would like to point out that I failed both accounting (repeatedly) and tax (hilariously) during my studies and take not responsibility for anything said.