Tag Archives: original entry

Define journal

Define journal The function of the journal is to provide an original entry for those types of transactions which do not readily fit into the books of original entry. Source: http://www.e-conomic.co.uk/accountingsystem/glossary/journal Or A book of original entry that requires that both the account being debited and the account being credited be listed along with the respective amounts. Because of accounting …

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Define purchases book

Define purchases book Purchases book or purchases day book is a book of original entry maintained to record credit purchases. You must note that cash purchases will not be entered in purchases day book because entries in respect of cash purchases must have been entered in the cash book. At the end of each month, the purchases book is totaled. …

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What is Entry?

What is Entry? 1. Accounting: Record of a financial transaction in its appropriate book of account. See also journal entry. 2. Importation: Popular term for customs entry. 3. Law: Act, privilege, or right to enter a premise. 4. Record keeping: Heading in an index under which a record is located and can be searched and identified. Source: http://www.businessdictionary.com/definition/entry.html#ixzz2XIrvpeR5

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