i dont understand journals!!!!!!

System

hi<BR>please help me i dont under stand what a journal is i have never seen one, i think it would be easier if i had i dont know how one is layed out and what info goes in to it. it must sound daft to most of you but my tutor hasnt really helped me with this one.<BR>please help<BR>thx

System

i dont understand journals!!!!!!

Hi Stephie<BR><BR>I think journals worry a lot of us so don't feel daft! Basically a journal is a book into which you write how to correct any errors that have occured in the accounts. Any errors that cause the trial balance to disagree have an opposite entry to suspense, and errors that don't cause the trial balance to disagree but for example have happened because the wrong account was debited or credited are written the correct way round in the journal, then (theoretically), someone is able to come along and do the corrections you have written down and get the accounts to balance!<BR><BR>Hope this goes some way to explaining the theory behind them, unfortunately like the majority of us practice is the word of the day!<BR><BR>Take care<BR><BR>Tracy<BR><BR>ps I believe the layout is similar to below;<BR><BR>Date Narrative Dr Cr<BR><BR><BR> (write acc name in the narrative section)<BR><BR>(You can also write something such as journal to correct incorrect entry in accounts, etc)<BR><BR>Good luck!!!<BR> <BR>