A financial journal is a subsidiary or daybook where transactions relating to entry of stock, purchase, depreciation, interest, revenue, payroll, tax and other related accounting entries are recorded. The content of the journal consists of vouchers, receipts, invoices and journal entries. These are recorded either in real or symbolic value. The value of the transaction is the amount that has been paid or received plus the amount that was outstanding or at the time of the last entry. This means that the journal also records the value of future payments including rent, mortgage, alimony and child support.
Transactions are entered into the journal either by the owner of the property or by an agent on behalf of the owner. The entries relating to the transaction are entered in the account ledger, while those relating to the account debits are entered in the cash account ledger. The journals are arranged so that the transactions entered are recorded in order of their entry. An account ledger and a cash account ledger are separate books. They are the only two accounts that must be kept by each property-owner and each of them will record separately all the transactions entered into the journal.
A journal entry relating to a debit is the first entry for a debit transaction. This debit entry includes the date of generation of the debit, the date of authorization for the debit, the loan to the seller for the purchase of the property and finally the date of repayment of the loan. In a journal entry for a debit, the balance is simply the difference between the opening balance and the closing balance. An entry for a credit is the second entry for a credit transaction. A credit is simply an open line of credit against a property.
For example, if you were the owner of a business, you would have a number of business accounts and your business would enter all its transactions in your journal. However, there would be one journal entry for each of the business accounts. That entry would include the balance, the date of generation of the balance, the date of authorization for the payment of the balance and lastly the date of repayment for the balance. The purpose of this system is to provide a single source for recording the debits and credits. If any of these debits or credits is not recorded in your journal, then the debits or credits will never be reconciled in the books of the company.
The importance of keeping accurate journals cannot be over-emphasized. This is because if the accounting records are inaccurate, the financial statements and reports prepared by the accountant or business manager will also be inaccurate. Therefore, one must ensure that all the transactions entered in the journals are the correct ones.
There are several reasons why a journal may be used for recording business transactions. First, there could be an audit conducted by the CPA for a company. An auditor will check all the accounts and will try to find out if all the transactions have been correctly recorded in the general ledger. A record of all transactions entered in the journal will definitely ease the task of the auditor in finding out whether the accounts have been correctly recorded or not. Secondly, there may be inter-accounts transactions recorded in the journal. For example, when the customer requests for an additional service or property, the manufacturer will forward the transaction details to the retailer’s general ledger account and the retail store will debit the same for the additional purchase.
When you decide to use journal accounting, there are several options available in the market. You can either use the standard accounting software such as Quickbooks, Peachtree or MYOB (Mind Your Own Business Online), Microsoft Money, Quicken Home and Business, Netteller Business, Sage Entry and many more. All these programs are compatible with journal software. However, most of the accounting software comes free of cost depending on the internet marketing. If you go for standard accounting software such as Quickbooks, then you would have to pay an integration fee with regards to journal features. The Quicken Home and Business, Netteller Business and Sage Entry are free software packages designed for accounting purposes.
The last option is to use the free online debiting solutions available in the internet. Some of these are Vera Accounting (vaba). This free solution comes as a hosted software application. Another type of free debiting software is Fast Cash. It is a desktop application.
Finance is a broad term referring to things about the science, development, and management of investments and money. Finance is used in all fields of life including business, economics, investment banking, insurance, public health, and even the arts. While there are many different aspects of Finance that make up the subject, it basically deals with ...
Finance is a broad term covering matters concerning investments, the generation, and management of funds and assets. It includes the subject of both investing and lending financial tools. The subject is so vast that it is easy to make a mistake when you’re trying to learn about it. So, what you need to do first ...
Finance is a large and interesting field of study. It can be used to describe the entire financial market, or to simplify things such as banking systems. It is used to help with creating policies that will affect the money supply, interest rates, and other factors. Finance is used to describe the entire market and ...
Law is an organized system of laws developed and enforced by governmental or social institutions to legally regulate behavior, with the precise definition of the term a matter of long standing debate. It’s been variously defined as the art and science of civil law, or as a code of conduct for government officials. Historically, the ...
Law is an institutionalized system of laws developed and enforced by governmental or social institutions to govern behavior, with the precise definition having been a matter of long standing debate. It’s been variously defined as the science of civil law and the discipline of justice. However, most commonly, lawyers refer to it as the study ...
Politics is the systematic set of societal interactions between people, including the distribution of social status or assets, the sharing of resources, and political actions in groups. The field of social science which studies politics and political government are known as social science. Politics is not an exact science; there is a lot of room ...
Politics is the systematic arrangement of actions which are performed by humans in response to external demands, either in terms of sharing of resources, social status or the distribution of scarce goods. The branch of academic social science that studies government and politics is known as political science. This study is also called political philosophy. ...
Hobbies are enjoyable activities. A hobby is defined as a normal everyday activity that’s done primarily for fun, usually during one’s free time. Hobbies include playing sports, enjoying cooking, collecting collectibles, and many more. Many people who don’t have any spare time to do a certain task might find doing it as a hobby is ...
What exactly is a hobby? Here, a better definition of a hobby: a hobby is a general interest activity performed for leisure, usually during one s private time, occasionally for monetary value. Hobbies are typically not pursued professionally (or at least for payment), except when the activity serves some useful purpose. Hobbies range greatly, from ...
Internet marketing is a growing segment in the global economy. It covers a wide range of activities from website design and development, content management, search engine optimization, link building and web advertising. Digital marketing is the part of internet marketing that use online and digital technologies like desktop computers, hand held devices and other media ...
Technology is the collective term for many of the different ways of doing things around us, ranging from the smallest technological items like pocket calculators to the largest and most complex technological items like automobiles. It is important to note however that there are three broad distinctions when it comes to technology. Those are: technological ...
Technology is the collective term for many of the innovations and improvements in various fields over time. The word “technology” was first used in connection with the engineering discipline. Technology is the total sum of human skills, processes, or systems used in the creation of products or services or in their accomplishment of specific goals, ...
E-commerce or electronic commerce is the act of trading or electronically purchasing or selling goods over the Internet or via online services. It is an increasingly popular field, mostly due to the growth in online shopping and the increase in cross-border transactions. E-commerce transaction has been growing tremendously and some countries like the United States, ...
E-commerce is simply the act of selling or buying goods over the Internet or on online services. This has become one of the fastest growing sectors in terms of total sales in the world and a great way to make extra income. The popularity of e-commerce is due to the fact that it helps to ...
Business is the lifeblood of the modern economy. Every year, companies spend millions of dollars in advertisements, media campaigns, conventions and meetings to promote themselves and their products. A business is generally defined as an entity or individual engaged in business, commercial, or professional activities for profit. Businesses may be privately owned, partially owned by ...
A business is defined as any organization or entity involved in commercial, manufacturing, or professional activities involving trade or commerce. The word “commerce” refers to the general activities of people engaged in buying and selling goods and services for gain like funny shirts for men. It includes the actual trading activity, the process of production, ...
It seems like no matter where you go in the United States, you’ll find great restaurants and bars that serve alcoholic drinks. This is probably because there are so many great places to drink. These businesses serve their customers with a variety of different kinds of alcohol, but usually have one thing in common: they ...
There are many fine dining restaurants that can give you exceptional service. Many fine-dining restaurants have been around since the early 20th century. As you are looking for a fine restaurant for your special occasion, there are many things to consider, including: What is the menu? What are the rates? How long does it take ...
Are you thinking of selling your property or purchasing some? Either choice would come with its own set of challenges. To make things simple, you should follow certain tips to sell your property quickly. To sell your property as soon as possible, make sure it is in excellent condition and looks promising. You can do ...
Property in general is what either owns or with something, whether on a tangible physical property or as an element of that thing. In the legal sense of the word, a property is defined as a right or obligation to secure an exchange of goods or services with another person. The definition also implies something ...
Technology is nothing but the combination of science and technology and applied to enhance the current human endeavor. Technology is the resultant of various techniques, tools, systems, and practices used in the achievement of specific objectives, for the creation of new goods or services or for the efficient management of existing goods and services, and ...
Lifestyle has always been the overriding interests, attitudes, behaviors, and personal orientations of a group, individual, or society. The word was first introduced by Austrian psychiatrist Alfred Adler in his 1930 book, The Case of Miss R. With the implied meaning of “the general character of a person as established early on”. Lifestyle can be ...
Lifestyle is a theory that describes the patterns of behavior associated with an individual’s experience and surroundings. It also defines what these behaviors mean to the individual and how they may be altered to fit in with the environment. The concept of lifestyle has been around for many years, but it has only recently taken ...
Food is any material consumed to provide nutrition to the organisms. The body needs food to survive and grow. Food is generally of vegetable, animal, or fungi source, and normally contains necessary nutrients, including proteins, carbohydrates, vitamins, or minerals. Some food substances are very soluble in water, some are insoluble in water, and a few ...
Food is any material eaten to provide nutrition to an organism for life. The word food has several meanings depending on the source. In modern times, food is generally of animal, plant or fungi origin, and includes nutrients, including vitamins, proteins, carbohydrates, and fats. The human body requires a wide variety of foods in order ...
Internet marketing has become a necessity for anyone running a business or looking to start one. The popularity of the Internet has made it much easier to reach a vast audience, especially with the advent of online marketing tools such as email, search engines, social networks and video. Nowadays, people are buying products online rather ...
The Netherlands is one of Europe’s best-kept secrets. Whether you’re planning to visit the country for business or pleasure, there are few places in the world that offer as many opportunities for adventure and fun. Holland is a small country located in Central Europe, surrounded by Germany, Belgium and the Netherlands. In addition to boasting ...
The first and most important quality of a professional plumber in Chatsworth, CA is the ability to handle any task with ease. A plumbing job involves handling a lot of tools and spare parts. Aside from that, a plumbing job also requires the right mechanical skills and an inclination towards mechanical tasks. An experienced plumber ...
A commercial property owner has specialized needs. They can not afford to cut corners when it comes to business, so hiring commercial plumbers Santa Clarita is essential. They have experience in repairing all types of plumbing errors and can make sure that a building’s pipes are up to date and in compliance with current health ...
The first step in how to how to solve hot water leakage is to shut off the hot water supply. If the leaking is in the tank or pipes, you will need to turn off the cold water supply valve. If it is located above the water heater, you will need to pull the shut-off ...
There are many reasons why you should get a hair transplant. First, it will give you the chance to have new hair if you are thinning or balding. The procedure isn’t painful and is effective at restoring your hairline. It may be the best option for you if you don’t have enough baldness to support ...
If you’re considering having a paint job done on your home in Cincinnati, you may be wondering why you should hire a professional. Professional painters in Cincinnati know how to prepare walls properly and use the correct paints for various rooms. They also know which paints are safe for bathrooms and kitchens. Proper preparation is ...