Fra Luca Bartolomeo de Pacioli was an Italian mathematician, born in 1445 and died in 1517. He was a seminal contributor to the field of accounting, although accounting was not labeled as a discipline in his time. He was born in Borgo Sansepolcro, Tuscany and was known as Luca Di Borgo after his birthplace. In his early life, Pacioli received abbaco education. In that time, the education in Latin was a norm however, Pacioli received his education in the vernacular. From the early age, his study focused on the knowledge of trade required by merchants, and this is what gives rise to his interest in the accounting. When he shifted to Venice in 1464, he continued to study and took to teach three sons of a mercantile as tutoring. It was in that times when he wrote and published his first book for the boys to help them better understand his teachings.
He began teaching as a private tutor in Perugia in 1475. In 1477, he wrote a complete book in dialect for his apprentices. When he moved to Milan on the invitation of Duke Ludovico Sforza in 1497, he met with Leonardo Da Vinci for the first time. It was then that he taught Da Vinci mathematics while living with him. Their path lastly separated in 1506. Pacioli died in the Sacsepolcro where he spent most of his final time.
Pacioli is the famous in the field of accounting due to his contribution in the field of the double entry system. He was the first person to introduce the concept of double entry in the bookish form and define that every transaction has two effects. His book Summa de arithmetica, geometria, proportioni ET proportionalità which was published in 149 defined the concept of the double entry system that Venetian merchants used in the period of Italian Renaissance. If he had not introduced this system in the bookish form, this knowledge might not have reached us as it is. The fact that this system is preserved in its original form as it was 500 years ago is a huge accomplishment and service on the Pacioli’s part. He also introduced the debit and credit system and wrote in his book that a being should not leave to sleep at night until the debit and credit sides of the ledger are equal. He also introduced the rules of bookkeeping and ledger in his book.