An account is a financial statement of indebtedness from one person to another. It documents transactions and is integral to recording and maintaining financial records.
In book-keeping, 'brought down' (abbreviated as b/d) refers to an opening balance that has been transferred from the previous period to the current ledger.
In bookkeeping, the term 'brought forward' (b/f) describes an amount that is the total of the corresponding column on the previous page, helping ensure continuity and accuracy in financial records.
A Cash Receipts Journal is a specialized accounting ledger used to record all cash inflows received by a business, such as payments from customers, cash sales, and other receipts. Each entry is chronologically organized to ensure accurate tracking and reconciliation.
The Cash Receipts Journal is a specialized accounting ledger used to record all cash inflows received by an organization. This ledger often records cash deposits into the organization's bank account and may be combined with other journals for comprehensive cash flow tracking.
A columnar journal is a specialized accounting book or ledger with pre-printed columns designed to systematically facilitate the recording and categorization of numerical data. Often used in bookkeeping, these journals streamline the process of capturing financial transactions for further processing.
An entry is a record made in a book of account, register, or computer file of a financial transaction, event, proceeding, etc. Entries are fundamental in the accounting process, ensuring that all financial activities are accurately recorded and tracked.
A ledger is a collection of accounts of a similar type, traditionally maintained in a large book or, in modern systems, as computer records. Common types of ledgers include the nominal ledger, debtors' ledger, and creditors' ledger.
A memorandum entry in accounting is a record in the ledger that does not form part of the double-entry bookkeeping system. These entries are used to provide additional details or supporting information without affecting the financial statements.
A nominal account is a type of ledger account that records expenses, losses, incomes, or gains, rather than transactions involving tangible or intangible assets.
The balance brought forward at the beginning of an accounting period. Opening balances may be on the debit or the credit side of a ledger.
A personal ledger is an accounting record containing a summary of all transactions related to individuals or specific entities such as debtors and creditors.
A Petty Cash Book is a ledger used to record small or minor financial transactions that occur within a business, typically managed through an imprest system.
POST in accounting refers to transferring accounting entries from a journal of original entry into a ledger book in chronological order. Banks traditionally posted checking account deposits and withdrawals in a ledger and summarized these transactions on a monthly bank statement. Nowadays, such operations are computerized.
A private ledger is a subset of an accounting ledger that holds confidential and sensitive financial information, isolated from the general ledger for security and privacy reasons.
