What is a "Journal of Business Transactions"

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Without exception, all business transactions performed in the course of the enterprise's activities must be recorded in special regulations. It is called the "Journal of Business Transactions". This document defines the algorithm for reflecting operations in accounting and tax accounting in the 1C system.

Basic accounting tasks

First - the formation of data on the economic activities of the company, its property. Moreover, the information should be as complete as possible and have a high degree of reliability. This data is necessary not only for the management of the enterprise, specialists, but also for creditors and investors.

The second important task is to provide both external and internal users of reporting with timely information. The above provision is necessary to control the compliance of the enterprise with the current legislation.

The third task is to prevent the emergence of negative trends in the activities of an economic entity, obtain information about the existing potential and reserves, as well as make a forecastfinancial results.

The “Journal of Business Transactions” helps the specialist in all this. In addition, the fulfillment of the above tasks contributes to the development of competition. Currently, a specially developed regulation, which bears the same name, as well as automated control, which allows you to check the actions performed by the user for compliance with the provisions of the document, helps the accountant to compile the "Journal of Business Transactions".

Business transactions. Their types

Every operation has an impact on the enterprise. There is either a change in the sources of informing the property, or its value. There are situations when both the first and the second occur at the same time. That is why the "Journal of Business Transactions" is extremely important. So, there are four main types of operations. The classification is carried out depending on how they affect the size of the passive and active parts of the balance sheet.

Type one

These operations directly affect the composition of the property of an economic entity. In other words, they affect only the asset. At the same time, the balance currency remains the same.

Second type

This type of operation is the opposite of the first. In this case, there is a change in the sources of formation of the company's property. That is passive. Nothing happens to the currency either.

Third type

In this case, there is a change in the magnitude and sources of educationproperty. Only positive trends are meant, that is, an increase. The balance currency also increases, both in the active and passive parts.

Type Four

The last type of operations also affects both parameters, but in the direction of reduction. The balance currency is reduced by the same amount in both the passive and active parts.

Summary of results

From what is stated above, we can draw the following conclusion: "Journal of business operations" is an important document that allows you to unify and systematize information about the activities of the enterprise, provides easier access to data, which is important for making management decisions.