Journal!

Journal is a record holding accounting transaction in a sequential order and its means how it is displayed.Ledger is a record that provides the accounting transactions. A accounting is a unit that record and summarizes accounting transactions.

Journal accounting is record of accounting journal transactions.The daily input can consist of the several investigation, each of which is debit or credit. The sum of the debit must equal to the total credit and the entry pf the account is considered "imbalanced".

Journal entries are the method used to the enter accounting transaction in the company's accounting record. Accounting record are combined in the journal ledger. Here, you enter daily entries in various subordinate accounts and do so in the journal ledger. This information is used to compile the financial statement at the end of the reporting period.

There is no upper limit on the number of the rack items included, but at least two coil entries are required for the journal entries. An entry in a paired journal is known as a single log entry, but entries that contains many items in a row are called composite log entries. The company can use many journal entries in a single posting period. Therefore it is desirable to use more log entries as a small number of compiled journal entries to ex[plain why the entries is the created. This is the useful, in particular, when examining  the daily entries at the later date when the auditor is checked.

When you create an accounting transaction, at least two accounts are always assigned, one account entry is created in the one account. and one credit entry is created for another account.

The debit and total credit of all transactions must always be equal, accounting transactions are always considered " balanced". If the transaction is not outstanding, you can not write financial statement. Thus the use of debit and credit in a two - digit transactions record format is the most essential of all the accounting controls.

In small accounting environment, the accountant can record log entries, In large enterprises, a large general accountant may control how to the record journal entries and record the daily entries.

Journal entries format >

At a minimum, the journal entries must contain the following:

• Accounts where debit and credit are recorded.
• Subscription date.
• The fiscal period in which the entry are recorded.
• The name of the person logging the entries.
• All administrative authorities.
• A unique number that the identifies the log entry.
• If the subscription is a single subscription, subscription return entry.
• It may be necessary to include the extensive documentation in the journal entries to prove the reason recorded. Please give at least a brief description of the log entry

Special type of accounting journal entries:

The conversion log entries is changed manually during the next accounting period or the accounting software is automatically changed in the next period.

Report journal entries are repeated for successive period up to the end date.This can be done manually or it can be configured to run automatically on the accounting system.