Prime Entry

August 31, 2024 4 min read Definitions

Journals: Books of Prime Entry for Financial Transactions

Accounting Finance Journals Financial Transactions Prime Entry Ledger Accounting Tools

Journals are essential tools in accounting where financial transactions are first recorded before being posted to the ledger.

August 31, 2024 4 min read Definitions

Original Entry Error: Understanding and Managing Mistakes in Prime Entry

Accounting Finance Accounting-Errors Prime Entry Trial Balance Financial Management Error Detection

Original entry error refers to a mistake made in a book of prime entry, such as incorrectly recording a purchase in the purchase day book. This type of error is not revealed by the trial balance, making it crucial for accurate accounting.

August 31, 2024 4 min read Definitions

Returns Inwards Book: Sales Returns Ledger

Accounting Finance Sales Returns Debtors Ledger Returns Inwards Nominal Ledger Prime Entry

The Returns Inwards Book records any returns of goods sold. It posts to the individual debtor's account in the debtors' ledger, and the total returns are posted to the debtors' ledger control account and the returns inwards accounts in the nominal ledger.