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 [[ | + | A [[book of original entry]] (alternatively known as [[accounting journal]]; hereinafter, the ''Journal'') is any chronological log of [[financial 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. |
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==Cash book and other journals== | ==Cash book and other journals== | ||
| − | In addition to a [[general journal]], [[organization]]s may choose to keep one or more of other ''Journals''. Each additional ''Journal'' contains detailed records for the types of [[ | + | In addition to a [[general journal]], [[organization]]s may choose to keep one or more of other ''Journals''. Each additional ''Journal'' contains detailed records for the types of [[financial transaction]]s pertaining to a specific area such as a [[cash book]], sales journal, purchase journal, payroll journal, etc. |
==Related concepts== | ==Related concepts== | ||
Revision as of 12:04, 15 December 2018
A book of original entry (alternatively known as accounting journal; hereinafter, the Journal) is any chronological log of financial 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.
Contents
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
General journal
- Main wikipage: General journal
A general journal is a default Journal that every organization keeps.
Cash book and 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 financial transactions pertaining to a specific area such as a cash book, sales journal, purchase journal, payroll journal, etc.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
