posting
transferring journal entries to ledger accounts
The whole process of transferring entries from journal to ledger is called posting process.
This process is referred to as "posting". This is needed to keep complete and organized records of all transactions in the general ledger, as this is the source document used to create statements.
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Posting
transferring journal entries to ledger accounts
The whole process of transferring entries from journal to ledger is called posting process.
Posting is recording in the ladgers information from journal. Posting is always from journal.
This process is referred to as "posting". This is needed to keep complete and organized records of all transactions in the general ledger, as this is the source document used to create statements.
analyze each transaction, enter the transaction in the journal, and transfer the information to the ledger accounts.
A journal records individual transactions in chronological order, while a ledger is a summary of all transactions grouped by accounts. The journal is the first step in the accounting process, whereas the ledger organizes and classifies the information from the journal. In essence, the journal is like a diary, and the ledger is like a filing cabinet.
In merchandising business, sales and purchases are the most common transactions. Special journals are used to record the transactions as they are very frequent and to make the accounting process simpler. The types of special journals used are Revenue Journals: sales journal and cash receipt journal. Expense Journal: purchase journal and cash payment journal. Earlier the accounts were hand written in the relevant books of accounts and tallied every month or half yearly or annually. However the same accounts are computerized for easier reference in the modern age.
debit raw materialcredit accounts payable
debit accounts receivable 125Credit fee revenue 100credit rent revenue 25
conduction!
convection