Journal of Accounting – There are two types of accounting journals that are often found, namely general journals and special journals.
a. General journal
Public journals are usually used by companies engaged in services. General Journal is used to record all financial transaction activities in detail and in chronology of time. This is because transactions in service companies are easier to record by following the date order.
If more and more types of transactions occur, and the frequency of progress is higher, general journals will be divided into special journals. The division of general journals into special journals can be done for the following reasons:
For the collection and grouping of transactions with the same high frequency.
Reducing bookkeeping work to the general ledger and to classify the transactions recorded.
Allows several people to do the recording of transactions to the journal.
To create internal control.
b. Special Journal
In purchasing activities carried out on credit, the company provides a special journal known as the purchase journal. Every time there is a credit transaction, the officer will record it. Then, periodically, for example every month, each transaction is added up and transferred to the general ledger.
Special journals are journals grouped according to the type of transaction. In each transaction process, the bookkeeper will identify the types of transactions that occur, and record them in a special journal.
For example, if in one month the company makes a credit purchase 50 times, then the officer will only manage 4 or 5 accounts, depending on company policy in terms of classifying transactions.
Types of Special Journals
Special journals in one company will be different from other company journals because each company designs and provides special journals according to the needs of their respective companies. The types of special journals are as follows.
This journal is often referred to as the purchase book. Purchasing journal is a special diary that serves to record data on purchases of merchandise and other goods that are done by credit.
Journal of Sales
A sales journal is a special diary that serves to record sales transactions for merchandise or services carried out with credit payments.
Cash Receipts Journal
Cash receipts journal is often referred to as cash entry book or income. Cash receipts journal is a special diary that serves to record all cash receipts transactions, either in the form of checks or cash such as receipts of receivables, receipt of money from cash sales and so forth.
Cash Disbursement Journal
This journal is often referred to as cash out / expenditure. Cash disbursement journal is a special diary that serves to record all cash payment transactions, both by check and cash.
In addition, this journal also serves to record all cash disbursement transactions, for example debt payments, and expense payments.