Difference between pages "Chart of Accounts" and "General Journal"

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''' <span style="color: red"> In Progress'''
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General Journal - All the financial transactions are recorded in chronological order where each transaction affects at least two accounts, and they must balance
  
The chart of accounts is where all the financial transactions from the [[General Ledger]] are organised. These accounts are then use to enable the creation of financial statements.
+
'''Note:''' each entry must only contain one single transaction (source document)
  
The chart is generally listed in the following order:
+
====Examples: Not Registered for GST====
  
'''Balance Sheet Accounts'''
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1. Shopping trip to The Office Depot - Purchased a stapler (cash/eftpos)
* Assets
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* Liabilities
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* Owners Equity
+
  
'''Profit and Loss accounts (income statement)'''
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{| class="wikitable" style="width: 50%;"
* Revenue accounts
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!colspan="4"|General Journal Example (Simple)
* Expense accounts
+
|-
 +
|'''Date'''
 +
|'''Account'''
 +
|'''Debit'''
 +
|'''Credit'''
 +
|-
 +
|June 30
 +
|Stationery
 +
| style="text-align:right;" | 1,100
 +
|
 +
|-
 +
|
 +
| style="text-align:center;" | Cash At Bank
 +
|
 +
| style="text-align:right;" | 1,100
 +
|-
 +
|
 +
|For the purchase of a really nice stapler
 +
|
 +
|
 +
|}
 +
<br>
 +
2. Shopping trip to The Office Depot - Purchased a stapler and some water for the staff room (cash/eftpos)
 +
{| class="wikitable" style="width: 50%;"
 +
!colspan="4"|General Journal Example (Less Simple)
 +
|-
 +
|'''Date'''
 +
|'''Account'''
 +
|'''Debit'''
 +
|'''Credit'''
 +
|-
 +
|June 30
 +
|Stationery
 +
| style="text-align:right;" | 1,100
 +
|
 +
|-
 +
|
 +
|Staff Amenities
 +
| style="text-align:right;" | 200
 +
|
 +
|-
 +
|
 +
| style="text-align:center;" | Cash At Bank
 +
|
 +
| style="text-align:right;" | 1,300
 +
|-
 +
|
 +
|For the purchase of a really nice stapler and water
 +
|
 +
|
 +
|}
 +
<br>
 +
3. Shopping trip to <br>The Office Depot - Purchased a stapler and some sugar for the staff room (cash/eftpos)<br>The Techno Junkies - Purchased a new cable (on account)
 +
{| class="wikitable" style="width: 50%;"
 +
!colspan="4"|General Journal Example (Less Simple)
 +
|-
 +
|'''Date'''
 +
|'''Account'''
 +
|'''Debit'''
 +
|'''Credit'''
 +
|-
 +
|June 30
 +
|Stationery
 +
| style="text-align:right;" | 1,100
 +
|
 +
|-
 +
|
 +
|Staff Amenities
 +
| style="text-align:right;" | 200
 +
|
 +
|-
 +
|
 +
| style="text-align:center;" | Cash At Bank
 +
|
 +
| style="text-align:right;" | 1,300
 +
|-
 +
|
 +
|For the purchase of a really nice stapler and water
 +
|
 +
|
 +
|-
 +
|June 30
 +
|Computer Expense
 +
| style="text-align:right;" | 440
 +
|
 +
|-
 +
|
 +
|style="text-align:center;" | Accounts Payable
 +
|
 +
| style="text-align:right;" | 440
 +
|-
 +
|
 +
|New computer cable
 +
|
 +
|
 +
|}
 +
====Examples: Registered for GST====<br>
 +
1. Shopping trip to The Office Depot - Purchased a stapler (cash/eftpos)
 +
 
 +
{| class="wikitable" style="width: 50%;"
 +
!colspan="4"|General Journal Example (Simple)
 +
|-
 +
|'''Date'''
 +
|'''Account'''
 +
|'''Debit'''
 +
|'''Credit'''
 +
|-
 +
|June 30
 +
|Stationery
 +
| style="text-align:right;" | 1,000
 +
|
 +
|-
 +
|
 +
|GST Payable
 +
| style="text-align:right;" | 100
 +
|
 +
|-
 +
|
 +
| style="text-align:center;" | Cash At Bank
 +
|
 +
| style="text-align:right;" | 1,100
 +
|-
 +
|
 +
|For the purchase of a really nice stapler
 +
|
 +
|
 +
|}
 +
<br>
 +
2. Shopping trip to The Office Depot - Purchased a stapler and some water for the staff room (cash/eftpos)
 +
{| class="wikitable" style="width: 50%;"
 +
!colspan="4"|General Journal Example (Less Simple)
 +
|-
 +
|'''Date'''
 +
|'''Account'''
 +
|'''Debit'''
 +
|'''Credit'''
 +
|-
 +
|June 30
 +
|Stationery
 +
| style="text-align:right;" | 1,000
 +
|
 +
|-
 +
|
 +
|Staff Amenities
 +
| style="text-align:right;" | 200
 +
|
 +
|-
 +
|
 +
|GST Payable
 +
| style="text-align:right;" | 100
 +
|
 +
|-
 +
|
 +
| style="text-align:center;" | Cash At Bank
 +
|
 +
| style="text-align:right;" | 1,300
 +
|-
 +
|
 +
|For the purchase of a really nice stapler and water
 +
|
 +
|
 +
|}
 +
<br>
 +
3. Shopping trip to <br>The Office Depot - Purchased a stapler and some sugar for the staff room (cash/eftpos)<br>The Techno Junkies - Purchased a new cable (on account)
 +
{| class="wikitable" style="width: 50%;"
 +
!colspan="4"|General Journal Example (Less Simple)
 +
|-
 +
|'''Date'''
 +
|'''Account'''
 +
|'''Debit'''
 +
|'''Credit'''
 +
|-
 +
|June 30
 +
|Stationery
 +
| style="text-align:right;" | 1,000
 +
|
 +
|-
 +
|
 +
|Staff Amenities
 +
| style="text-align:right;" | 200
 +
|
 +
|-
 +
|
 +
|GST Payable
 +
| style="text-align:right;" | 100
 +
|
 +
|-
 +
|
 +
| style="text-align:center;" | Cash At Bank
 +
|
 +
| style="text-align:right;" | 1,300
 +
|-
 +
|
 +
|For the purchase of a really nice stapler and water
 +
|
 +
|
 +
|-
 +
|June 30
 +
|Computer Expense
 +
| style="text-align:right;" | 400
 +
|
 +
|-
 +
||
 +
|GST Payable
 +
| style="text-align:right;" | 40
 +
|
 +
|-
 +
|
 +
|style="text-align:center;" | Accounts Payable
 +
|
 +
| style="text-align:right;" | 440
 +
|-
 +
|
 +
|New computer cable
 +
|
 +
|
 +
|}

Revision as of 06:13, 15 November 2018

General Journal - All the financial transactions are recorded in chronological order where each transaction affects at least two accounts, and they must balance

Note: each entry must only contain one single transaction (source document)

Examples: Not Registered for GST

1. Shopping trip to The Office Depot - Purchased a stapler (cash/eftpos)

General Journal Example (Simple)
Date Account Debit Credit
June 30 Stationery 1,100
Cash At Bank 1,100
For the purchase of a really nice stapler


2. Shopping trip to The Office Depot - Purchased a stapler and some water for the staff room (cash/eftpos)

General Journal Example (Less Simple)
Date Account Debit Credit
June 30 Stationery 1,100
Staff Amenities 200
Cash At Bank 1,300
For the purchase of a really nice stapler and water


3. Shopping trip to
The Office Depot - Purchased a stapler and some sugar for the staff room (cash/eftpos)
The Techno Junkies - Purchased a new cable (on account)

General Journal Example (Less Simple)
Date Account Debit Credit
June 30 Stationery 1,100
Staff Amenities 200
Cash At Bank 1,300
For the purchase of a really nice stapler and water
June 30 Computer Expense 440
Accounts Payable 440
New computer cable

====Examples: Registered for GST====
1. Shopping trip to The Office Depot - Purchased a stapler (cash/eftpos)

General Journal Example (Simple)
Date Account Debit Credit
June 30 Stationery 1,000
GST Payable 100
Cash At Bank 1,100
For the purchase of a really nice stapler


2. Shopping trip to The Office Depot - Purchased a stapler and some water for the staff room (cash/eftpos)

General Journal Example (Less Simple)
Date Account Debit Credit
June 30 Stationery 1,000
Staff Amenities 200
GST Payable 100
Cash At Bank 1,300
For the purchase of a really nice stapler and water


3. Shopping trip to
The Office Depot - Purchased a stapler and some sugar for the staff room (cash/eftpos)
The Techno Junkies - Purchased a new cable (on account)

General Journal Example (Less Simple)
Date Account Debit Credit
June 30 Stationery 1,000
Staff Amenities 200
GST Payable 100
Cash At Bank 1,300
For the purchase of a really nice stapler and water
June 30 Computer Expense 400
GST Payable 40
Accounts Payable 440
New computer cable