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What is Journal
Diary (Journal) is accounting term for the only book of chronologically recorded all accounting entries.

Journal is a term in accounting for the place where all accounting records are chronologically recorded. Each organization (entity) keeps one or more journals.

Journal in practice: It takes a form of written books or it is secured by the accounting software. In the journal there are all the basic information about accounting document (date, document identification, a description of the operation, amount and account (debit / credit). If the entity keeps one journal, then it must record all accounting documents. However, most of the organizations keep more special journals, so it is clearer. For example:

  • Cash journal - for overview on cash flow
  • Sales Journal
  • Purchase Journal
  • Ledger - it must be always

Requirements for keeping a journal vary according to the accounting standards used by your state.

Related terms and methods:

Related profession:

Related standards:

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Last update: 07.11.2016


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