Journal Entry Template - Download Free Excel Template
SummaryJournal Entry Template This journal entryJournal Entries GuideJournal Entries are the building blocks of accounting, from reporting to auditing journal entries (which consist of Debits and Credits). W
Journal Entry Template
This journal entryJournal Entries GuideJournal Entries are the building blocks of accounting, from reporting to auditing journal entries (which consist of Debits and Credits). Without proper journal entries, companies’ financial statements would be inaccurate and a complete mess. template will help you construct properly formatted journal entries and provide a guideline for what a general ledgerGeneral LedgerIn accounting, a General Ledger (GL) is a record of all past transactions of a company, organized by accounts. General Ledger (GL) accounts contain all debit and credit transactions affecting them. In addition, they include detailed information about each transaction should look like.
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Entering Journal Entries
A journal is the company’s official accounting record of all transactionsAccounting TransactionsAccounting transactions refer to any business activity that results in a direct effect on the financial status and financial statements of the business. It is imperative to remember that every transaction should show the balance between the assets and the liabilities, or the debit and the credit. that are documented in chronological order. While most modern companies use accounting software to enter journal entries, journals were the primary way of recording transactions in the past. While no longer common, understanding how to do a manual journal entry is still important when learning the fundamentals of accounting.
For every single journal entry, debits and credits must be equal to maintain balance in the accounting equationAccounting EquationThe accounting equation is a basic principle of accounting and a fundamental element of the balance sheet. Assets = Liabilities + Shareholder's Equity. This equation sets the foundation of double-entry accounting and highlights the structure of the balance sheet. (assets = liabilities + shareholders’ equity). Therefore, when conducting journal entries, you will need to keep in mind four factors:
- Which accounts are affected by the transaction
- Whether each account is increased or decreased
- How much each account is changed by
- Ensuring that the accounting equation maintains balance
The best way to remember how to do journal entries and how each account is affected is through practice. This idea can be extended to all accounting fundamentals, as there are many accounting rules that need to be upheld.
Without proper journal entries, a company’s can quickly find its financial statements in disarray, with many inaccuracies. Use CFI’s journal entry template to help you practice and maintain accuracy with your journal entries.
Example of a Journal Entry – Purchasing Inventory
Purchased inventory costing $75,000 for $5,000 in cash and the remaining $70,000 on the account.
DR Inventory 75,000
CR Cash 5,000
CR Accounts Payable 70,000
Take a look at our journal entry template for more examples of journal entries!
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