"The first published work describing the double entry accounting system and giving us insight into the logic behind the accounting entries is the Summa de Arithmetica, Geometria, Proportioni et Proportionalità... Repeatedly Pacioli stated that he described a system of bookkeeping that had been in use in Venice for more than 200 years, with the purpose of acquainting the merchants of his time with the method for keeping in good order their accounting books (chap. 1). Thus he did not mention things that were common practice a long time before 1494, as his treatise was a text for the untutored. Hence, Pacioli omitted most of the refinements common in practice of that day."