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Learning Goals : Keep journals, ledgers, and other types of important business records

Learning Goals : Keep journals, ledgers, and other types of important business records. Success Criteria : I have designed a record keeping system for my business . Set Up a Record Keeping System. A good record keeping system can help you make smart business choices

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Learning Goals : Keep journals, ledgers, and other types of important business records

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  1. Learning Goals: Keep journals, ledgers, and other types of important business records Success Criteria: I have designed a record keeping system for my business

  2. Set Up a Record Keeping System • A good record keeping system can help you make smart business choices • Inaccurate records can lead to money loss or even legal problems • You need to keep track of journals, ledgers, bank statements, payroll and taxes • You can do this on paper or electronically

  3. Journals • These are accounting records of the transactions that you make. • A transaction is a business activity that changes the assets, liabilities or net worth of your business. • Journals keep track of how much money you spend, earn, owe and how much others owe your business

  4. 5 Journal System • Sales Journal • Cash Payments Journal • Cash Receipts Journal • Purchases Journal • General Journal

  5. Sales Journal • Records the sales of merchandise or services on account (credit), which means your customers receive your products but haven’t paid for them yet

  6. Cash Payments Journal • Any cash or cheque payments a business makes are recorded here.

  7. Cash Receipts Journal • Any cash or cheques received by your business are recorded here.

  8. Purchases Journal • Purchases of merchandise on account (credit), you still have to pay for it later, are recorded here.

  9. General Journal • Any other transactions that don’t fall into the above categories are recorded here; e.g. you the owner withdraws money from the business cash register to buy a case of beer.

  10. Let’s Try! • Go to class net and open the file 5 Journal System in Excel

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