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People Soft Financials User Guide: Journal EntriesJOURNAL ENTRIES TABLE OF CONTENTS Overview ......................................................................................................................

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How to fill out making general ledger journal

01

To fill out a general ledger journal, follow these steps:

02

- Determine the date for the journal entry.

03

- Identify the accounts affected by the transaction.

04

- Determine if the accounts should be debited or credited based on the type of transaction.

05

- Determine the amounts to be recorded for each account.

06

- Record the journal entry in the general ledger by entering the date, account names, and corresponding debits and credits.

07

- Calculate the new balances for each account affected by the transaction.

08

- Ensure that the total debits equal the total credits to maintain the accounting equation (Assets = Liabilities + Equity).

Who needs making general ledger journal?

01

Any individual or organization that wants to keep a record of their financial transactions and maintain accurate financial statements needs to make a general ledger journal. This includes businesses, non-profit organizations, government entities, and individuals who want to track their personal finances.

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What is making general ledger journal?

Making general ledger journal involves recording all financial transactions of a business in a systematic manner.

Who is required to file making general ledger journal?

All businesses, regardless of size, are required to maintain and file a general ledger journal.

How to fill out making general ledger journal?

To fill out a general ledger journal, one must record all transactions, categorize them by account, and ensure the entries balance.

What is the purpose of making general ledger journal?

The purpose of maintaining a general ledger journal is to track the financial transactions of a business, maintain accurate records, and analyze financial performance.

What information must be reported on making general ledger journal?

The general ledger journal must include details of each financial transaction, such as date, description, amount, and the accounts affected.

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