What items can be used for back up when it comes to journal entries?

Accounting
Tutor: None Selected Time limit: 1 Day

What items can be used for back up when it comes to journal entries?

Jul 14th, 2015

Thank you for the opportunity to help you with your question!

Journal entries are used to adjust or add transactions to accounts in your general ledger. So understanding the Journal Entry Program is very necessary which provides  unlimited detail  for   to distribute amounts to various general ledger accounts.

When you enter a journal entry, the General Accounting system validates the information in certain fields to ensure that the integrity of your financial data remains intact. When you complete a journal entry, the system displays the assigned batch and document numbers.  Journal entry processing is an example of three-tier processing.

The term three-tier refers to the three steps that you perform to process journal entries:

Enter journal entries

The system creates a  records in the Account Ledger table

Review and approve batches

If you have the general accounting constants set to require management approval, the system creates the batch record in a pending status. You must approve the batch before you can post it. When you approve batches that are in a pending status, the system updates the batch status only on the batch control record.

Post journal entries

When you post journal entries, the system updates the status on the batch control records in the Account  

Further,  The general ledger reflects a permanent summary of all your supporting journals, such as the sales and cash receipts journal and the cash disbursements journal. Closing your books and maintaining your general ledger should be one of your top priorities

 It provides the supporting journals, such as the sales and cash receipts journal and the cash disbursements journal.

To Finding Trial Balance Errors and Keeping a General Journal

In this way to undersatnad the preparing a trial balance, the total debits must equal the total credits . Bookkeeping errors happen. Just think of the trial balance as a tool to find the errors. Use the following steps as a guide to track down the error or errors.

 Check to see if you properly classified amounts as debits or credits on your trial balance.

Go back to your journals (sales and cash receipts journal, cash disbursements journal and general journal). Check that the journal totals were properly posted to the general ledger. Were the correct amounts posted? Were they properly classified as debits or credits?

Go back to each journal again. Look at the totals that were posted to the general ledger. Do total debits equal total credits in each journal?

 Go back to each journal again. Did you foot each column on each page of the journal? Did you carry forward all column totals to the next page? Did all the items entered in the "miscellaneous" column get posted to the general ledger?


Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 14th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Jul 14th, 2015
...
Jul 14th, 2015
Dec 11th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer