TIPS OF THE WEEK

 

13/10 - 19/10

 

 

INTRO TO BOOKKEEPING-JOURNAL ENTRY

 

In manual accounting or bookkeping systems, business transactions are first recorded in a jounal...hence the term journal entry. A manual journal entry that is recorded in a company's general journal will consist of the following:

 

• The appropiate date

• The amount(s) and account(s) the will be debited.

• The amount(s) and account(s) the will be credited.

• A short description/memo.

• A reference such as a chech number.

 

These journalized amounts (which will appear in the journal in order by date) are then posted to the accounts in the general ledger.