Four accounting journals are often referred to as special journals they are used to record the same type of transaction, one that happens frequently. Definition: a special journal is any accounting journal in the general journal that is used to record and post transactions of similar types in other words, it’s a place where similar transactions can be recorded and organized, so bookkeepers and accountants can keep track of different business activities. Two basic types of journals exist: general and special general accounting journals a general journal is a catchall type of journal for transactions that don’t logically belong in one of the special journals.
What is a special journal notice how these two different types of entries are recorded in different journals this system helps keeps accurate and organized records of every type of transaction, so they can be reviewed later in the.
To speed up this process, companies use special journals to record repetitive transactions that affect the same set of accounts and have a consistent description such transactions can be documented on one line in a special journal.
Special journals accounting) - free download as word doc (doc), pdf file (pdf), text file (txt) or read online for free scribd is the world's largest social reading and publishing site search search. Special journals are designed as a simple way to record the most frequently occurring transactions there are four types of special journals that are frequently used by merchandising businesses: sales journals, cash receipts journals, purchases journals, and cash payments journals.
A special journal is essentially a journal used for like entries, that is, where a batch of entries have something in common so instead of making entries over and over and over with the same accounts involved, you can make one to accommodate those types of entries an example is the cash receipts journal.
More about special journals four special journals are generally used—purchases journal, revenue/sales journal, cash receipts journal and cash payments journal. Four different special journals are sales journal, purchase journal cash receipt journal and cash payment journal they all are special journal being used to record data of recurring nature a transaction in accounting is recorded with the help of journal entry.