What are the essential functions of Journal?

The basic book of accounting is called journal. Precisely it is the book of prime entry which means – Day book. Trader records his total daily transactions in it. The process of recording the transactions into journal is called ‘Journalizing’.

Trying to adapt the Bullet Journal notation into my Filofax ...

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Journal may be described as a book in which the transactions are recorded in the order of occurrence i.e. in chronological order. It is called a book of prime entry or original entry because all business transactions are entered first in this book. The process of writing a transaction in journal is known as journalizing and the transaction written in journal is known as journal entry.

The functions of journal are:

  • To analyze each transaction into debit and credit so as to enable their posting in the ledger.
  • To arrange transactions, chronologically in order of date.
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