Difference between revisions of "Book of original entry"
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| − | A [[book of original entry]] (alternatively known as [[accounting journal]]; hereinafter, the ''Journal'') is any chronological log of [[business transaction]]s. The data recorded in the '' | + | A [[book of original entry]] (alternatively known as [[accounting journal]]; hereinafter, the ''Journal'') is any chronological log of [[business transaction]]s. The data recorded in the ''Journals'' or ''Journals'' is further summarized and posted into a [[general ledger]] or other [[book of final entry]], from which [[financial statement]]s are produced. |
Revision as of 18:23, 9 December 2018
A book of original entry (alternatively known as accounting journal; hereinafter, the Journal) is any chronological log of business transactions. The data recorded in the Journals or Journals is further summarized and posted into a general ledger or other book of final entry, from which financial statements are produced.
General Journal
- Main wikipage: General journal
A general journal is a default Journal that every organization keeps.
Other Journals
In addition to a general journal, organizations may choose to keep one or more of other Journals. Each additional Journal contains detailed records for the types of business transactions pertaining to a specific area such as a cash journal, sales journal, purchase journal, payroll journal, etc.
