What is Journalizing?
How to keep all the accounts and ledgers in order, as well as knowing the right amount of money a company may have with perfect journals. It is very hard to not mess up a journal that why they have special journals so everything can be in order. They use debits and credits in the journals to balance out all the different accounts.
Sales journals record all sales a business makes to customers on account, which means no money changes hands between the company and the customer at the time of the sale.
Cash receipts journals record cash sales, customer payments on account, or interest and dividend payments.
Cash Payments journals show any payment the business makes using a form of cash. These entries include purchases transactions or payments on debt.
Purchases journals show purchases a company makes on account.
Payroll journals record all payroll, anything that has payroll behind the account. its very simple. For instance, including gross wages, taxes withheld,deductions, such as health insurance paid by the employee, which is the amount shown on the employee’s check.
Cash receipts journals record cash sales, customer payments on account, or interest and dividend payments.
Cash Payments journals show any payment the business makes using a form of cash. These entries include purchases transactions or payments on debt.
Purchases journals show purchases a company makes on account.
Payroll journals record all payroll, anything that has payroll behind the account. its very simple. For instance, including gross wages, taxes withheld,deductions, such as health insurance paid by the employee, which is the amount shown on the employee’s check.