Journal in Accounting
In accounting, a journal is a date wise record of the financial transactions. A journal is also known as the book of original entries. Traditionally, the transactions were registered in a journal and were then posted manually to the accounts in the ledger.
The traditional manual system had various types of journals; for instance, cash receipt journal, purchases journal, sales journal and so on. A journal records the amount and the date of the transaction, in a double entry bookkeeping method.
Maintaining a journal allows you to review the accounting process concisely and is an important part of the objective record keeping. At the time of the audit process, journals are often reviewed along with the ledgers.
Transaction Posting
A journal transaction posting is the process of transferring the records from the journal to the ledger. In simple words, transaction posting is the next step after recording the transactions in a journal. If the process of posting is eliminated, there will be a huge list of journal entries at the end of the accounting period, in the journal account. Due to this, the entire process of totaling the amounts will become extremely difficult. The transaction posting helps in organizing the journal into account balances.
Computerised Accounting
With the computerization of accounting and bookkeeping, we usually find a general journal where all the adjusting entries and financial transactions are recorded. In this case, the recording and posting of the transaction occurs automatically, on the basis of the entered invoice and sales information.
