When a small business makes a financial transaction, they make a journal entry in their accounting journal in order to record that transaction. The transaction is recorded in the general journal or one of the special journals for the most active accounts. Such special journals include the Sales Journal or the Cash Disbursements Journal, among many others.
Journal entries are an integral part of the accounting process for a small business. Without them, you have no cohesive record of your day-to-day financial transaction. You can't follow the money. You can't satisfy the tax authorities. You won't know your cash flow or profit. Daily journal entries are some of the most important financial records you have.
Here are some examples of daily journal entries. Hope they help!
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