Journals

What are Journals?

Financial transactions are analysed to determine the ledger accounts affected. So from this analysis a journal is prepared.

So a journal describes how the transaction is to be recorded in the accounting system.

In a double entry system, a journal has a debit side and a credit side. Because each side is equal, the system remains in balance.

The infographic explains the double entry journal system.

the double entry journal system

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08

Jun'18

What are Journals?

What are Journals? This is a common question accounting students ask when learning accounting. Journals show how to record a financial transaction in the ledger system. The journal is a ‘double entry’ as it has a debit side and a credit side. To learn how to create a journal follow the debit and …

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09

Jan'18

How do you Post a Journal to the Ledger Accounts?

Posting a Journal to the Ledger Accounts Posting a journal to ledger accounts is key to the accounting process. The journal specifies the ledger accounts to be adjusted because of a financial transaction. The journal must have equal debit and credit items. Finally the trial balance is the summary of …

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