An Accounting Journal is a spreadsheet type document where all the purchases and transactions of a business are listed. Before computers were used, a journal in accounting was kept manually and then entered into a general ledger. This is the first place these expenses are listed before they are later added into a general accounting ledger to be used to create financial statements.
Another way to think of an Accounting Journal is as a record of cash inflow and outflow to help a business track its spending compared to its income. An Accounting Journal template available in Excel can be downloaded through the link below.
Depending on the type of business and how credits and debits are tracked, you will want to use one of the following seven types of Journals for Accounting:
To create a general Journal Accounting you will want to have a paper or computerized document where you will list all the debits and credits on behalf of the business (it is a good idea to create a column for debits and a column for credits). To create a successful Accounting Journal you will need to make sure all Accounting Journal Entries are entered in chronological order and to avoid missing any credits or debits. You will also want to title each entry, such as describing the item purchased and the vendor.
As you input your entries, you will want to make sure that a balance is kept throughout the journal in accounting, since this is where all the financial statements will pull their information from. Here is an example of what a series of entries would look like for an Accounting Journal:
Date |
Title and Description |
Debits |
Credits |
May 30, 2020 |
Desk chairs from Staples |
$400 |
|
May 31, 2020 |
Invoice for customer John Smith for services rendered |
$800 |
|
June 1, 2020 |
Computer monitor for front desk |
$600 |
There is also an option to use a single-entry method if you are only using a single account, such as for a small business (for example, a restaurant).
Haven't found the template you're looking for? Take a look at the related templates below:
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