What is a payroll journal? A payroll journal is a detailed record of transactions that are related to the company’s payroll. Smaller organizations often choose to record their transactions directly in the general ledger. Larger companies will find that the numbers of these entries will fill the general ledger. In light of this, they record… Read More

The Cash Receipts journal is the first place you record incoming cash for your business. The majority of cash received each day comes from daily sales. Other possible sources of cash income include deposits of capital from the company‚Äôs owner, customer bill payments, new loan proceeds, and interest from saving accounts. Each entry in the… Read More

The general ledger is a collection source for all the transactions of the business as this is where one will find all the transactions that have been posted to the individual ledger accounts. It is from the information that is found in the General ledger that Financial Statements (Income Statement and Balance Sheet) are compiled… Read More