This is untrue; accounting is the process of classifying, recording, summarizing, and interpreting business transactions.
What does journal entry mean?
- An entry in your business books called a journal serves as a record of a transaction. A minimum of two journal entries must be made for each transaction in double-entry bookkeeping. Journal entries are used by a bookkeeper to keep track of all the changes that a transaction can bring about in a company.
- A business's accounting records can contain information about a transaction by creating a journal entry. The general ledger is often where a journal entry is kept, however it can also be kept in a subsidiary ledger and subsequently rolled forward into the general ledger after being summarized.
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