General Journals

The main purpose of a general journal is to make year-end adjustments

1. Depreciation
2. Interest
3. Owner’s loan accounts
4. Incorrect allocation of sales/expenses or Balance Sheet transactions
5. Accruals/Prepayments
6. Bad Debts that need to be written off

General Journals should not be used to do day-to-day processing, it is merely used for adjustments or correction of transactions.

The accountant or auditor can give you the year-end adjustments to be made in the books and this is done using a General Journal.

Please contact me should you require hands-on/online assistance – at cowanbks@telkomsa.net

Cell: 082 054 0009