See Also: Double Entry Bookkeeping Journal Entries For Factoring Receivables Accounting Principles Accounting Concepts Adjusting Entries Role of a Company Back Office Journal Entries Definition A journal entry is a recording of a transaction into a journal like the general journal or another subsidiary journal. Journal entries for accounting require that there be a debit and a
See also: Account Reconciliation Standard Chart of Accounts Problems in Chart of Account Design Cash Flow Statement Income Statement Subsidiary Ledger General Ledger Reconciliation and Analysis Definition Define a general ledger as the financial record of every transaction of a company. Commonly, it is referred to as the “books” of the company. In the general
Debit Versus Credit Since the late 13th century, people have discussed debit versus credit. Double entry accounting was conceived centuries ago. Now, it is an international standard to record all business transactions with a debit and a credit. This double entry keeps the accounting equation balanced. It also ensures that one account is not left
See Also: Debits and Credits Double Entry Bookkeeping Debits vs Credits in Accounting When people discuss debit vs credit, they are usually referring to double entry accounting. More specifically, a debit and credit are recorded for each transaction. These two are required for each transaction in order to keep the accounting equation in balance. There
See Also: Electronic Data Interchange Technology Assessment Criteria How to evaluate IT systems How Redundant is Your Data Communications Link? Research and Development Electronic Funds Transfer (EFT) Definition Electronic funds transfer (EFT) refers to an electronic financial transaction. According to the U.S. Electronic Fund Transfer Act, an EFT is a non-paper financial transaction initiated via
See Also: Credit Memorandum (memo) Account Reconciliation Credit Sales Chart of Accounts (COA) Accounting Principles Account Reconcilement Definition Debit Memorandum (Memo) Definition A debit memorandum or memo is a form or document, sometimes called a debit memo invoice, that informs a buyer that the seller is debiting or increasing its amount in the accounts receivable,
See Also: Accounting Income vs. Economic Income Tax Efficiency Payroll Accounting Accrual Based Accounting Realizing Profit Potential General Ledger Reconciliation and Analysis Customer Profitability Below the Line Definition The below the line definition is income or expense in accounting which have no noticeable effect on company profits in the current period; however, it is an unofficial
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