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General Journal
A general journal is a Bookkeeping#Daybooks, daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The Source document (accounting), source documents for general journal entries may be journal vouchers, copies of management reports and invoices. Journals are prime entry books, and may also be referred to as ''books of original entry'', from when transactions were written in a journal before they were manually posted to accounts in the general ledger or a subsidiary ledger. It is where Double-entry bookkeeping system, double-entry bookkeeping entries are recorded by debiting one or more accounts and Debits and credits, crediting another one or more accounts with the same total amount. The total amount debited and the total amount credited should always be equal, thereby ensuring the accounting equation is maintained. In manual accounting information systems, a variety of special journa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bookkeeping
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person, organization or corporation. There are several standard methods of bookkeeping, including the single-entry bookkeeping system, single-entry and double-entry bookkeeping system, double-entry bookkeeping systems. While these may be viewed as "real" bookkeeping, any process for recording financial transactions is a bookkeeping process. The person in an organisation who is employed to perform bookkeeping functions is usually called the bookkeeper (or book-keeper). They usually write the ''#Daybooks, daybooks'' (which contain records of sales, purchases, receipts, and payments), and document each financial transaction, whether cash or credit, into the correct d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Receipts Journal
A Cash receipts journal is a specialized accounting journal and it is referred to as the main entry book used in an accounting system to keep track of the sales of items when cash is received, by crediting sales and debiting cash and transactions related to receipts. Sales on account are booked instead in the sales journal. Cash receipts journal is considered as the separate part of Cash account/cash book as it records the cash inflow of the business. The source document of this prime entry book is Receipt A receipt (also known as a packing list, packing slip, packaging slip, (delivery) docket, shipping list, delivery list, bill of the parcel, Manifest (transportation), manifest, or customer receipt) is a document acknowledging that something h .... A general structure of the Cash receipts journal References {{DEFAULTSORT:Cash receipts journal Accounting journals and ledgers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Final Accounts
Final accounts gives an idea about the profitability and financial position of a business to its management, owners, the public and other interested parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced in a Trial Balance. These final tallies are prepared for a specific period. The preparation of a final accounting is the last stage of the accounting cycle. It determines the financial position of the business. Under this, it is compulsory to make a trading account, the profit and loss account, and balance sheet. The term "final accounts" includes the trading account, the profit and loss account, and the balance sheet. Legal provisions Sections 209 to 220 of the Indian Companies Act, 2013 deal with legal provisions relating to preparation and presentation of final accounts by companies. Section 210 deals with the preparation of final accounts by companies, while section 211 deals with the form and the conte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ledger
A ledger is a book or collection of accounts in which accounting transactions are recorded. Each account has: * an opening or brought-forward balance; *a list of transactions, each recorded as either a debit or credit in separate columns (usually with a counter-entry on another page) *and an ending or closing, or carry-forward, balance. Overview The ledger is a permanent summary of all amounts entered in supporting journals (day books) which list individual transactions by date. Usually every transaction, or a total of a series of transactions, flows from a journal to one or more ledgers. Depending on the company's bookkeeping procedures, all journals may be totaled and the totals posted to the relevant ledger each month. At the end of the accounting period, the company's financial statements are generated from summary totals in the ledgers. Ledgers include: * Sales ledger (debtors ledger): records accounts receivable. This ledger records the financial transactions betwe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Special Journal
Special journals (in the field of accounting) are specialized lists of financial transaction records which accountants call journal entries. In contrast to a general journal, each special journal records transactions of a specific type, such as sales or purchases. For example, when a company purchases merchandise from a vendor, and then in turn sells the merchandise to a customer, the purchase is recorded in one journal and the sale is recorded in another. Types of special journals The types of Special Journals that a business uses are determined by the nature of the business. Special journals are designed as a simple way to record the most frequently occurring transactions. There are four types of Special Journals that are frequently used by merchandising businesses: Sales journals, Cash receipts journals, Purchases journals, and Cash payments journals. Sales journal Sales journals record transactions that involve sales purely on credit. Source documents here would prob ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Journal
A sales journal is a specialized accounting journal and it is also a prime entry book used in an accounting system to keep track of the sales of items that customers(debtors) have purchased of an accounts receivable account and crediting revenue on the credit side. It differs from the cash receipts journal in that the latter will serve to book sales when cash is received. The sales journal is used to record all of the company sales on credit. Most often these sales are made up of inventory sales or other merchandise sales. Notice that only credit sales of inventory and merchandise items are recorded in the sales journal. Cash sales of inventory are recorded in the cash receipts journal. Both cash and credit sales of non-inventory or merchandise are recorded in the general journal A general journal is a Bookkeeping#Daybooks, daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chart Of Accounts
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by account type. In computerized accounting systems with computable quantity accounting, the accounts can have a quantity measure definition. Account numbers may consist of numerical, alphabetic, or alpha-numeric characters, although in many computerized environments, like the SIE format, only numerical identifiers are allowed. The structure and headings of accounts should assist in consistent posting of transactions. Each nominal ledger account is unique, which allows its ledger to be located. The accounts are typically arranged in the order of the customary appearance of accounts in the financial statements: balance sheet accounts followed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adjusting Entries
In accounting, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting. They are sometimes called Balance Day adjustments because they are made on balance day. Based on the matching principle of accrual accounting, revenues and associated costs are recognized in the same accounting period. However the actual cash may be received or paid at a different time. Types of adjusting entries Most adjusting entries could be classified this way: Prepayments Adjusting entries for prepayments are necessary to account for cash that has been received prior to delivery of goods or completion of services. When this cash is paid, it is first recorded in a prepaid expense asset account; the account is to be expensed either with th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disbursement Journal
A disbursement is a form of payment from a public or dedicated fund. Alternatively, it means a payment made on behalf of a client to a third party, for which reimbursement is subsequently sought from the client. It is a term most commonly used by solicitors in the UK to refer to payments which they have made or will make to third parties in connection with the matter they are dealing with on behalf of the client. Section 67 of the Solicitors Act 1974 refers to disbursements as “costs payable in discharge of a liability properly incurred by he solicitoron behalf of the party to be charged with the bill”. These may include court fees, counsel's fees, fees for medical or other expert reports or search fees in a property transaction. Disbursements paid by an undertaker on behalf of a bereaved family generally include cemetery or crematorium A crematorium, crematory or cremation center is a venue for the cremation of the Death, dead. Modern crematoria contain at least one c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purchase Journal
A purchase journal is an accounting journal and it is also a prime entry book/daybook/main entry book which is used in an accounting system to keep track of the orders of items placed using accounts payable. Simply a purchase journal can be defined as the main entry book which is used to record credit transactions (credit purchases) for resalable purposes. The Source document which is used as an evidence in recording transactions into purchase journal is Purchase invoice/invoice received/original invoice Credit purchase of current assets/Non current assets are not considered when recording in Purchase journal. Double entry related to credit purchase for resalable purpose *Purchase a/c Debit *Creditors a/c Credit See also * Sales journal * General journal * Bookkeeping * Special journals Special journals (in the field of accounting) are specialized lists of financial transaction records which accountants call journal entries. In contrast to a general journal, each ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Source Document (accounting)
A source document is a document in which data collected for a clinical trial is first recorded. This data is usually later entered in the case report form. The International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use (ICH-GCP) guidelines define source documents as "original documents, data, and records." Source documents contain source data, which is defined as "all information in original records and certified copies of original records of clinical findings, observations, or other activities in a clinical trial necessary for the reconstruction and evaluation of the trial." The Food and Drug Administration The United States Food and Drug Administration (FDA or US FDA) is a List of United States federal agencies, federal agency of the United States Department of Health and Human Services, Department of Health and Human Services. The FDA is respo ... (FDA) does not define the term "source document". Examples of s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Journal
A sales journal is a specialized accounting journal and it is also a prime entry book used in an accounting system to keep track of the sales of items that customers(debtors) have purchased of an accounts receivable account and crediting revenue on the credit side. It differs from the cash receipts journal in that the latter will serve to book sales when cash is received. The sales journal is used to record all of the company sales on credit. Most often these sales are made up of inventory sales or other merchandise sales. Notice that only credit sales of inventory and merchandise items are recorded in the sales journal. Cash sales of inventory are recorded in the cash receipts journal. Both cash and credit sales of non-inventory or merchandise are recorded in the general journal A general journal is a Bookkeeping#Daybooks, daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
