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KateGreenARTKateGreenART Member Posts: 2

Hi, can someone tell me what a journal transaction is please? (probably a silly question!)
Cheers Kate

in Using Wave

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @KateGreenART,
    In accounting there are several different types of journals. You can equate to keeping a journal of your daily life. Each day having an entry in it. So in business there is a journal for each type of activity. Most commonly the sales journal, purchase journal and a general journal. So a journal transaction would be an entry in one of the journals. A sale would be a transaction in the sales journal while a purchase journal would reflect transactions that the business buys to use for it's business. Whether is resells the item or uses the item itself (think office supplies). With technology a lot of those journals are now in the background like sales and purchase. However, the general journal is still prevalent because it is the journal that records transactions that typically will adjust account balances.

  • KateGreenARTKateGreenART Member Posts: 2

    Thank you for your reply.

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