Difference between revisions of "Journal entry"

Latest revision as of 02:03, 2 June 2020

Journal entry (or, simply, entry; hereinafter, the Entry) is any record of any financial transactions carried out by a legal entity that is made utilizing the double-entry bookkeeping system and describes which financial account or accounts are being debited and which are credited, the date, the reason for the journal entry, and a reference.

Journal entry. The transaction (debits and credits) that is recorded into a general journal once it is analyzed.

Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.

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