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The act of maintaining or creating records of any transactions, whether they are financial or not, is known as journaling. An accounting journal lists transactions and displays a company's debit and credit balances.
What is Financial transaction?
- An agreement or communication between a buyer and a seller to trade products, services, or assets in exchange for money is a financial transaction.
- Any transaction includes a shift in the financial situation of two or more entities, whether they be people or corporations.
- There are usually one or more financial assets involved in a financial transaction, most frequently money or another pricey object like gold or silver.
- Financial transactions come in a wide variety of forms.
- The most frequent kind, purchases, take place when a customer is sold a thing, service, or other commodity in return for money.
- The majority of purchases are made with cash, which might be physical money, debit cards, or checks.
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