USA Single Entry vs Double Entry

[eman556]

I am looking at buying rental properties and I am confused about single entry vs double entry accounting.

Is single entry sufficient?
What reports do I need to provide to a CPA?

It looks like single entry does not have a balance sheet or handle depreciation - is that ok?

Thanks

 

[BIG E]

A double entry accounting system is preferable to provide a complete accounting system and a chronological history of all transactions.
A single entry system doesn't provide the complete picture of financial activity.
Depreciation calculations are normally provided in the tax preparation process by the software program - that IS important in
absence of a complete accounting system because it tracks each asset by its depreciation history.