A journal is a thorough account that logs all the financial dealings of a business, to be used for forthcoming reconciliation of and moved to other formal book-keeping accounts, like the general ledger. A journal mentions the transaction date, affected accounts, and the figures, generally in a double-entry accounting method. A journal is also named the book of original entry.
Every time a business transaction occurs, an accountant records the financial transaction as a journal entry. If the expense or income affects one or more business accounts, the journal entry will detail that as well. Journaling is an essential part of objective record-keeping and allows for concise review and records-transfer later in the accounting process. Journals are often reviewed as part of a trade or audit process, along with the general ledger.
With Ginesys, the recording and posting of most transactions will occur automatically when sales and vendor invoice information is entered, checks are written, etc. However, even with Ginesys it is necessary to have a general journal in which adjusting entries and unique financial transactions are recorded.
For example, prior to issuing the company's financial statements there will be an adjusting entry to record depreciation. This journal entry will debit Depreciation Expense and will credit Accumulated Depreciation.
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It should be noted that the total amount debited and the amount credited should always be equal, thereby ensuring the accounting equation is maintained. |
This article is a collation of all the journals of Finance module in Ginesys HO.
- A General Journal is a point of entry of any business transactions into accounting. How To: Manage Adding, Editing, Deleting & Printing General Journal in Ginesys Web describes the process of manage General Journal.
- AR/AP Journal keep records of AR/AP Voucher transactions. How To: Manage Adding, Editing, Deleting & Printing AR/AP Journal in Ginesys Web describes the process of manage AR/AP Journal.
- Debit Journal increases customer balance. This journal keep record of all debit transactions. How To: Manage Adding, Editing, Deleting & Printing Debit Journal in Ginesys Web describes the process of manage Debit Journal.
- Credit Journal increases customer balance. This journal keep record of all credit transactions. How To: Manage Adding, Editing, Deleting & Printing Credit Journal in Ginesys Web describes the process of manage Credit Journal.
- Document Adjustment module offers the facility to make adjustments done at various document can be viewed against a customer / party name. How To: Manage Adding, Editing, Deleting & Printing Document Adjustment in Ginesys Web describes the process of manage Document Adjustment.