Finance
Journal Entry
A journal entry is an accounting entry that records a business transaction using debit and credit lines. Each line is assigned to a G/L account. The total of the debit amounts must equal the total of the credit amounts. Journal entries are stored in the general ledger and provide the basis for an audit trail in accounting. They are often created automatically from transactions or entered manually as a posting entry. When an invoice is posted, the system allocates the amount and tax to the relevant accounts.
