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POSTING

POSTING. So what is POSTING ???. The process of transferring information from the journal to the ledger. What do we do first ?. Open an account in the ledger…. Get an unused account page Write account title on page Write account number on page Put new account in its place in the ledger.

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POSTING

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  1. POSTING

  2. So what is POSTING ??? The process of transferring information from the journal to the ledger.

  3. What do we do first ? Open an account in the ledger… • Get an unused account page • Write account title on page • Write account number on page • Put new account in its place in the ledger

  4. And to POST ?? • Find proper account in ledger • Enter date at next unused line • Reference source (i.e. J4) • Record amounts • Update balance and include DR or CR • Write account # in the journal

  5. Why cross-reference? • To trace entries in accounts back to journal • To trace entries in journal to the accounts • Can find place easily if posting process interrupted

  6. Correcting errors If noted right away: • Just cross out and rewrite • NEVER ERASE ! If time has passed: • Correcting journal entry

  7. Forwarding • Continue an account • Carry forward date and balance to new page

  8. Uh oh !! Trial balance not balanced… Quick tests to try: What is the difference? • Is it a multiple of 10? • Is it the amount of an entry already made? • Divide difference by 2 and look for that amount. • Divisible by 9? Maybe transposition error

  9. Still can’t find difference… • Chart on page 221 • 5 balancing steps

  10. Still not balanced? • Go home.

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