Difference between revisions of "Book of original entry"
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==Definitions== | ==Definitions== | ||
According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | ||
| − | :[[Book of original entry]]. | + | :[[Book of original entry]]. Book that records the first formal information about business transactions. A [[general journal]] is an example of a [[book of original entry]]. |
==General journal== | ==General journal== | ||
Revision as of 14:49, 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),
- Book of original entry. Book that records the first formal information about business transactions. A general journal is an example of a book of original entry.
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.
