What Is: a Journal & an Journal Entries? What is It's Purpose? in Ax 2012

Definition Of a Journal:

• A journal details all the financial transactions of a business and which accounts these transactions affect.

• All business transaction are initially recorded in a journal using the double-entry method or single-entry method of bookkeeping. 

• Typically, journal entries are entered in chronological order and debits are entered before credits.

Definition Of a Journal Entries:

• A journal entry is the record of a financial transaction recorded (entered) in a journal
  Purpose Of Journal Entries :

• Journal entries provide foundational information for all other financial reports and are used by auditors to analyze how financial transactions impact a business.

• Journal entries are assigned to specific accounts using a Chart of Accounts, and the journal entry is then recorded in a ledger account.

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