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| *Ostroff, Fair and Company>>>Other - Business & Finance |
Can anyone differenciate journalizing and posting ? |
buisness ! Please help me due in 2 hours Journalizing - The process of recording transactions and events into the journal. Posting - The process of transferring journal entry effects into the respective general ledger accounts. If you wish to read more on these 2 topics, just click on the links below. There are very good write-ups and illustrations. Source(s): http://www.principlesofaccounting.com/ch... http://www.principlesofaccounting.com/ch... Journalizing is the process of entering in the accounting system the results of business transactions. It is the first record made of each transaction and it describes the transaction completely. Posting is the process of transferring the information in the journal to the ledger, which is a second set of accounting records. The ledger organizes the information in the journal into specific accounts, All parts of journal entries in the journal that include cash are posted to the cash account, all expense entries are posted in an expense account, and so on. The journal and the ledger contain all the same information, but it is organized differently in each. In today's computerized accounting system, these processes are handled automatically. In a manual system, the journal entry is written first and the posting takes place later. |
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