What is the difference between a diary and a book?

Journal and the book are two types of books that are commonly used in the accounting process. The key considered to what is known as double entry accounting, each of these books serves specific purposes in the overall process of keeping precise financial records. While many transactions published in and Ledger are the same, there are key differences in the purpose and function of each of these accounting books.

One of the most basic differences between the magazine and the book is when used in the accounting process. The magazine serves as an accounting book in which the transaction is entered for the first time in the accounting system, and the transaction is often referred to as the original item. Later in this process, the same transaction will be published as an entry into a book where this record will be placed in relation to other items for evaluation and analysis.

Another important difference between magazine and Ledger is the order of items within the records. Magazines are always arranged in a chronological order so it is very easy to seeTit, which is associated with a given working day, week or other billing period. On the other hand, the arrangement of items within the book has more in common with grouping, such as transactions, to specific accounts for the purpose of evaluating data for internal financial and accounting purposes.

various purposes of magazine and books also mean that each book is structured differently. The magazine will often contain a brief description of the transaction, including the date, and the location of the transaction amount in the Debit or Loan column. There is no attempt to balance the transaction recorded in the diary. On the other hand, the items in the book in the book must always be balanced.

There is some difference in Opinion on the use of the diary and book. One thought school claims that by maintaining both accounting books, it is an opportunity to identify broadcast errors, a factor that can come very useful when and as accounts in the book are not considered. In addition to the tootho The magazine is often easier to accept as evidence of the court, because of the direct process used to record transactions in chronological order. A different approach claims that maintaining a diary is optional, while maintaining a book is essential for the task of monitoring the company's financial transactions, even in terms of account organization so that the taxes can be calculated and paid accurately.