Many organizations often incur the same kind of transaction, such as a sale of merchandise on credit, many times during any given day. To save time, a specialized journal is used for that kind of transaction only. The most common kinds of specialized journals are:
- Sales Journal
- Purchases Journal
- Cash Receipts Journal
- Cash Disbursements Journal
The general journal is used to record those entries that do not fit in one of these specialized journals. Read on to find out more about these specialized journals. To help startups and SMEs with accounting matters, we are contactable at 6817 4500 for outsourced accounting service.