5. Grouping Journal Entries - books of first entry

As businesses grow, bookkeepers find it convenient to keep several different journals. A very small business recording just a few entries each day would possibly keep just a single simple journal. As the business grows, specialised journals would be used for different types of entry. The following resources should be regarded as specialised journals.

  • Till - Cash Income. A modern electronic till will keep track of all cash, credit card and check sales and will also track taxes on every sale. The summaries would normally be entered into the bookkeeping system at pre-determined intervals.
  • Check Book. The check book can also be used as a sub-section of the journal. Make sure that the details for each check are entered carefully.
  • Invoice Books. Invoice books keep track of “on account” sales when there is an agreement for the customer to settle the account at a later stage. In Express Accounts the customer details are not entered directly into the accounts. They are entered via the Invoice system and only the summaries appear in the Income Statement.
  • Receipt Books.  When customers pay an account, they are sent a receipt. The receipt book then forms part of the Journal.
  • Others as required.