In this quick tutorial, I'll attempt to explain Journal Entries in less than two minutes!
A Journal Entry is a record of a financial transaction. It captures key details such as:
â–Ş The unique Journal Number
â–Ş The Posting Date
â–Ş The accounts involved
â–Ş A brief description
â–Ş The Debits and Credits
In Double-Entry Accounting, every transaction affects at least two accounts. This means the total of the debit column must match the total of the credit column in a Journal Entry.
We’ll walk through an example featuring Legolas's Legal Solutions. You’ll learn how to:
â–Ş Create a Journal Entry
â–Ş Understand which accounts are impacted
â–Ş Apply the rules of Double-Entry Accounting
â–Ş Post the entry to the General Ledger using T-Accounts
⏱️TIMESTAMPS
00:00 - Intro
00:08 - What is a Journal Entry?
00:22 - What does a Journal Entry look like?
01:07 - Journal Entry Example
02:52 - How do you post a Journal Entry?
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🔝 CLOUD ACCOUNTING SOFTWARE
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#accounting #accountingbasics #accountingstuff