Journal Entry

A journal entry is the record of a financial transaction in an accounting system. It specifies the accounts affected and the debit and credit amounts.

Journal entries include a date, description, and supporting documentation. They are posted to the ledger to update account balances.

Related Terms

Ledger

A ledger is a book or digital record containing all financial transactions of a business, organized ...

Debit

In banking, a debit is a transaction that decreases the balance in your account. On your bank statem...

Credit

In banking, a credit is a transaction that increases the balance in your account. On your bank state...

Trial Balance

A trial balance is a list of all ledger accounts and their balances at a point in time. It is used t...

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