FINANCIAL JOURNALS

Scope and Content

'The journal is used to arrange financial transactions sequentially before being posted to the company ledgers. All transactions of the same kind are 'arranged' sequentially in date order and gathered together, often alphabetically, under appropriate headings, with an indication of which sums are to be carried to the debtor side and which to the creditor side of the ledger. The use of the journal also mean that the ledger did not become overburdened with unnecessary details regarding individual accounts or transactions'. (Turton, Managing Business Archives, 1991)