Home For AAT student members AQ 2013 AAT Level 2 (Level 5 in Scotland)
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚


Q about Journals (Dumb Q)

SashaDellaSashaDella Trusted RegularRegistered Posts: 362
:confused1:

Hello

I keep posting questions in this forum but its been rather helpful! I think this may be a silly question but its something I dont understand so here goes :D

I know that a journal is the name for the entry of things like invoices into the sales day book etc correct? so you can have sales journal, etc?

But now the book is saying its not part of the double entry and you have to put in both entries singley and its entering "nominal" accounts like capital and bank account. Are these journals only used for the nominal accounts? because I thought the SLCA etc were part of the nominal?

These journals that are written do they have to then be posted somewhere else???

Hope you understand my question(s)!! thanks :D

Comments

  • GemmaSGemmaS Well-Known Registered Posts: 178
    Hi Sasha,

    Journals are used to correct any mistakes and post unusual transactions such as introducing capital into the business. they are a reminer of why you have posted certain things into different accounts in the nominal ledger (which includes the SLCA)
    Once you have written your journal, in a manual bookkeeping system, you still need to post them into the relevant accounts as the journal is only to explain why a transaction has happened.

    Hope this helps?

    Gemma
  • SashaDellaSashaDella Trusted Regular Registered Posts: 362
    This whole manual thing is confusing haha, but so what "book" would i write this journal in for mistakes/unusual transactions? and would I then have an "account" for say capital anyways? and then the journal is just for reference?

    Is it like a book thats everything that doesnt go into sales day book, purchases day book, returns, petty cash, cashbook etc?

    Thanks :D I think im getting it!
  • GemmaSGemmaS Well-Known Registered Posts: 178
    It is confusing at first, but it will all make sense soon! Yes you would have a 'Journal book' and a 'Capital' account and the journal itself is just for reference showing what you have done, when and why.
  • SashaDellaSashaDella Trusted Regular Registered Posts: 362
    Ahh okay i suppose that makes sense haha! thanks :D
Sign In or Register to comment.