Hi, today we are talking about the Journal Entry Definition that is available here. It is a book where the financial transaction is initially recorded
Meaning of Journal
The word journal has been derived from the fresh the fresh word “jour’’ jour means day. So journal means daily transactions are recorded daily in the journal. It is a book of original entry to record chronologically and in detail the various truncation of a trader.
journal and its features are as follows
Definition of Journal
It is a book where the financial transaction is initially recorded
- The transaction is recorded chronologically
- A transaction is recorded on the same day it takes place
- The narration is written below each entry
- There are 2 columns, debit and credit columns
- It is the first step of a double entry system, a transaction is recorded first in the journal and is called a book of original entry
Journal Entry Definition
A diary section is typically printed and put away in a cover of bookkeeping exchanges, with reinforcement materials connected that legitimize the passage. This data might be gotten to by the outer evaluators as a major aspect of their year-end examination of an organization's money related proclamations and related frameworks.
Type of book of original entry
- Sales day book-----for credit sales
- Purchases day book-----for credit purchases
- Return inward day book-----for return inwards
- Return outward day book---for return outwards
- Cashbook-----for receipts and payment by cash and cheque
Journal Entry Examples
Across the board Market is an organization that offers goods and home apparatuses. Today, the organization's bookkeeping division has gotten all the exchange receipts from yesterday activities. As a component of his everyday obligations, the clerk must record every last one of these exchanges into the organization's bookkeeping framework utilizing diary sections.
In most present-day bookkeeping frameworks like Quickbooks, accountants once in a while make singular sections. They utilize a product interface to enter in information. The PC at that point naturally produces the passages in the framework. These passages are amassed in diaries and exchanged to records that are utilized to create reports.
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