Do you want to record all your financial transactions but don’t know where to start?
A friend advised you to record journal entries for your company, but that was the first time you heard that word, and you kept looking for its meaning, types, and purpose.
But you haven’t found a definitive answer yet.
You don’t have to look anymore, as I have the answers to all the questions you’re looking for.
Plus, I’ll tell you about the best integrated accounting software that can do the job for you.
Which is: Qoyod program, which offers a point of sale system, electronic invoice systems… etc., all at unparalleled competitive prices.
What is the journal entry?
It is a method that goes through four stages to record a financial transaction after being analyzed in a way that clarifies the value of the transaction, its history, and its parties.
In addition to the entry number and a brief explanation of the transaction according to its dates and sequence of numbers.
Post an account to an accounting book called the general ledger or to a subledger, which is later transferred to the general ledger.
These types of entries are applied and usually kept in a folder specialized in accounting transactions, and the accountant must understand the accounting system that exists to make journal entries.
Types of accounting journal entry
“How many types of journal entries?” This question is frequently asked on social media, and to learn the answer, follow the following:
2.1-Compound entry
There are many types of journal entries, including: A compound entry, which usually contains entries that include more than two rows in the credit or debt column or both, is used to record several transactions or even complex transactions at the same time.
2.2-Adjusting entry
This entry is used to amend the financial statements at the end of the month.
so that they are compatible with the relevant accounting framework, such as International Financial Reporting Standards or even generally accepted accounting principles.
2.3-Reversing entry
The reverse entry is usually an adjusting entry, then at the beginning of the next period it is reversed.
because the accrued expense is now unnecessary, and the wage benefits that were in the previous period, are also reflected later to replace the actual salary expenses.
What is the purpose of accounting journal entry?
This accounting book is one of the most important of all, as it is a balance of accounts.
In addition to posting any account to the general ledger, whether the account is creditor or debit, any financial transaction is recorded according to its date sequence or numbers.
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How to write an accounting journal entry
Do you not want to know how to write accounting journal entries?
Continue with the following to show you this method, which is as follows:
- The first column includes the name of the account and the number under which the entry was registered.
- Don’t forget to indent if the account is credited before the account name and number.
- The second column includes the debit amount you should enter.
- The third column includes the credit amount you should enter.
- The bottom row should contain a brief description of why the journal entries.
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Why should you choose Qoyod among all the other software?
Qoyod is now the interface for all other programs. It has won the satisfaction of thousands of customers.
It can export the accounting journal entries with ease, as well as provide a point of sale system, electronic invoice systems, etc., all at low prices that are worth nothing for what customers are doing.
This makes it the best integrated accounting program that can manage your projects with ease.
The conclusion
Accounting journal entries are a way to translate cash, economic, and commercial flow into company calculators.
Therefore, you should pay close attention to these entries, as they have a direct impact on the quality of the financial information produced.
It is worth noting that this type of entry keeps general ledgers, various accounting journals, updated data in accounting programs, and a balance.
And because we know that exporting a journal entry is hard for you, Qoyod has brought you the best cloud accounting software ever, and it will do it for you.
Don’t waste too much time and effort on something that isn’t essential, so you can focus only on your main business.
In conclusion of this article, we would like to point out the importance of Qoyod in the field of accounting.
It issues all types of entries, including journal entries, and it also offers a point of sale system and various electronic invoice systems.
All of this at prices that suit everyone and in line with international accounting standards.
What are you waiting for next? Try Qoyod now for free for 14 days and enjoy a program that meets all your needs in just one place.
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