What is a special magazine?
A special magazine is part of an account book of a company that represents a specific business transaction. Historical accounting books were made up of paper books and column paper. The main book included all unspecified transactions of the company along with the sums of each individual book or special diary. In today's business environment, computer accounting software is a modern representation of historical accounting books. Accounting software packages are based on the same accounting principles of using the main book and special or individual magazines for reporting financial information. Each special magazine consists of specific accounts that are used to record specific individual financial transactions. The total amount for each magazine is usually recorded in the General Accounting Book of the Company at the end of the month. Financial statements are then created using the sums of the main book. This special magazine may also include information concerning wage taxes owedDreual, state or local agencies. Wage information is recorded at different times throughout the accounting period; Most companies record this information twice a month or at any time their employees get paid.
Sales Journal records all goods or services sold to consumers or other businesses. This information is usually recorded in a special journal because transactions occur during common business operations. The number of accounts used in the sales log depends on the number of products sold companies and the amount of details they want to record. Record comparison is USULY created between the sales diary and the Cash Targepts channel, which represents the money owed by customers.
CASH TALKS magazine presents all the money that the company currently owes. This amount can be reduced by any money stapleCailed to customers in advance when they originally shopped in business. This special magazine is very important to society because it contains information about how much money the company has in outstanding receivables.
The final special magazine in the Company's accounting system is the Cash Subbursments Journal. This special magazine contains all information on purchases of economic resources or business inputs created by companies. Financial transactions are recorded as they occur, regardless of whether they are paid in cash or to the account.