Financial Accounting – Subsidiary Ledgers & Special Journals [Free Course]

Subsidiary ledgers for accounts receivable & accounts payable. Special Journals - Sales journal, purchases journal
Instructed by: Robert (Bob) Steele | Subject: Business, Finance

Description

We record transactions using special journals and track accounts receivable by customer and accounts payable by vendor using subsidiary ledger. We should have a good understanding of debits and credits before this course and we have courses covering debits and credits. We can construct an accounting system where we record every financial transaction using debits and credits in a general journal, posting each journal entry to the general ledger, making the trial balance form the general ledger, and the financial statements from the trial balance. The process of recording every transaction using debits and credits is the process we have used in the past. To reduce the amount of data input when using a manual system, we can group transactions by transaction type and create special journals to record them. An accounting system using special journals can reduce data input by limiting the amount data needed to be input for each transaction due to the format of the special journal. Special journals can also eliminate the need to post each transaction to the general ledger. Rather than posting each transaction to the general ledger special journals are added up at the end of the period and one transaction is then posted for the entire period. Special journals are typically used in a manual system but understanding them helps any system because it helps to see what components of an accounting system are necessary to all accounting systems, which components can be changed, and when changing the format of the system would be beneficial. Automated systems also often general useful reports in a similar format as the special journals.

@https%3A%2F%2Fwww.udemy.com%2Ffinancial-accounting-subsidiary-ledgers-special-journals%2F%3Futm_medium=linkshare

Course Info

• 74 Lectures
• 11.5 Hours
• Language: English
• Subject: Business, Finance
• Instructed by: Robert (Bob) Steele
• Platform: Udemy