Even though using bookkeeping software will help with the daily use of accounting functions for a small business, it’s still important to have an understanding of the basic functions of accounting. Before learning about general journal entries, it’s important to understand debits and credits and their relationship to the various journals. Understanding how debits and credits work is the first step into grasping the fundamentals of bookkeeping.

Accounting Basics – What is a Journal?

The accounting journal is where all the monetary transactions of a small business are posted. It’s essentially a record of financial transactions. Monetary values from documents used in the day-to-day operations of a small business are transferred to journals. Depending on the business model, there can be various types of journals.

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