Luca Pacioli

Evidence suggests that the roots of modern accounting come from the area of Venice, Genoa and Florence during the period between 1200 and 1350 after Christ. This period was the golden age of Italian trade.
Luca Pacioli was a Franciscan friar who was born in 1445 and was also known by Luca dal Borgo. He was professor of mathematics and in 1494 in Venice wrote "Summa de Arithmetica, geometric, et proportionalita proportioni." Here, for the first time, outlines a complete system of double entry accounting. Each transaction is entered in two accounts, one in the debit and other credit line. At the end of the day both columns must be square. His treatise included all of the business cycle still use:
• Newspapers and Older
• Asset Control
• Passive Control
• Capital and Inventories
• Income and Expenditure
• Balance sheets
• Financial Exploitation
Although not Luca Pacioli invented the system was the first to codify and explain in writing the system. It also laid the foundations of ethical accounting and cost control system. In addition, advised his students, "do not stay up without squaring your balance."