Identifying the GLs is the first and foremost step in recording any transaction. The GLs in the Purchase goods for Cash transactions are Goods GL and Cash GL. Its general practice to record all transactions relating to the inventory or stock of goods through any of the following … [Read more...] about Purchase Goods for Cash Journal entry
Paid for advertisement journal entry
Advertisement charges are the core indirect expenditure that helps promote business and maximize customer reach. Thanks for the advancement in technologies. The advertising medium has drastically changed these days with the start of digital marketing. So, this paid advertisement … [Read more...] about Paid for advertisement journal entry
Bought Postage Stamps Journal Entry
Posts help communicate a message from one place to another and facilitate the delivery of goods. The charges for such service are levied in the form of Stamps. So, the Sender of Post needs to purchase Stamps depending on the Pin code and weight of the Postal Cover. The usage of … [Read more...] about Bought Postage Stamps Journal Entry
What does Audit Documentation Deals with?
Audit documentation deals with the questions What needs to be documented?Quantum and Extent of documentation requiredHow to add documentation? Audit documentation means the context of how the auditor and their team rationalize the testing performed. Work not documented … [Read more...] about What does Audit Documentation Deals with?
Journal Entry Testing
Journal Entry testing ensures that all the financial transactions recorded in the books of accounts represent a valid business transaction, and there isn't any recording of inappropriate entries. So, its a kind of GL dump with all entries for a specific period. How about an … [Read more...] about Journal Entry Testing
