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What are the essential characteristics of Journal?

The following are the characteristics of journal:

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  • Is a book of original entry because transaction is recorded at first stage in this book.
  • Is the first step in the recording process of double entry system of book-keeping.
  • Is also known as day book or diary because transactions are recorded in it on day to day basis as and when they take place.
  • Is a chronological record of all transactions taking place according to the order of occurrence.
  • Every entry in journal is accompanied with narration which describes, briefly, true nature and context of the transactions.
  • Amount of the transaction is recorded in both debit and credit column-side by side. It helps in maintaining arithmetical accuracy of the books.
  • Journal and ledger are inter linked because next step after journal is the ledger.
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