It’s been years since you graduated from college with a degree in accountancy. Since then, you’ve been employed in jobs that have entirely nothing to do with your college degree. One by one, all the skills and technical expertise that you acquired during college waned slowly. One day, you’ve been redesignated by your boss as a bookkeeper due to your background in accounting. The promotion stunned you, surprised, momentarily, because you haven’t done any accounting ever since you got out of college. So, you hurriedly scanned your books and scoured the world wide web to regain everything you know about basic accounting, including the preparation of a journal entry. Preparing journal entries are one of the basic components of the accounting process.
What is a Journal (Entry) Format Form?
A Journal Format Form or a Journal Entry is an accounting form that is used to record income, expenses, assets, and liabilities. The things recorded on this form are listed chronologically by date and posted accordingly in particular accounts in a generl ledger. Journal Format Forms or a Journal Entries are widely used by businesses, institutions and households alike.
FREE 5+ Journal Format Forms in XLS
1. Journal (Entry) Format Form Sample
2. Journal (Entry) Format Spreadsheet Form
3. Financial Reporting Journal (Entry) Format Form
4. General Journal (Entry) Format Form
5. Actuals Journal (Entry) Format Form
6. Journal (Entry) Format Form Sheet
Types of Journal (Entry) Format Systems
Preparing journal entries are among the basic things that your college professors teaches you during your freshman years. In fact, you’ve been making journal entries from day one until your graduation. Journal entries are used in every accounting sheets that you can think of. From ledger accounts, balance sheets and income statements, all of those are made of journal entries.
Journal Entries come in two forms, namely, the single-entry system and the double-entry system. Both methods are commonly used in preparing financial statements. To understand both systems of journal entry, listed below are brief and concise definitions of single and double entry systems of accounting.
1. Single Entry System
The single entry system or the single-entry bookkeeping system is the most straightforward type of journal entry in accounting. It features a linear format wherein it lacks the two-fold effect of each transaction, thereby making it difficult to balance and establish each transaction’s transparency. Some ledger accounts such as the accounts receivable ledger account use the single entry system.
2. Double Entry System
The double entry system or the double-entry bookkeeping system is the more widely used journal entry system. It features two equal and corresponding columns known as the debit and credit (gain and loss). The debit side is where income and assets are listed, while liabilities and expenses are listed on the credit side. Both sides should have the same amount to balance the account and establish transparency. The double entry system allows accountants to easily spot discrepancies and irregularities in the account if both sides have different amounts posted on it.
How to Prepare a Journal (Entry) Format Form
Since your promotion as a bookkeeper for the company that you’re working for, you have been trying so hard to regain all that you know about bookkeeping. Even though you are an accountancy graduate, the years that you spent working non-accounting related jobs lost you all the valuable skills and know-how. One of those is the preparation of a journal entry. To help you regain what is lost, here are the steps on how to prepare a Journal (Entry) Format Form.
Step 1. Determine which Journal (Entry) Format System to Use
The first step in making a Journal (Entry) Format Form is first to determine which journal entry system you should use. There are two different types of journal entry systems, the single and double-entry system. Each type is used for a specific purpose. If you’re tasked with recording cash-based transactions, you can opt to use a single entry system. When journalizing receivables and payables, you can use the double-entry system.
Step 2. Download a Journal (Entry) Format Form Template
Download a Journal (Entry) Format Form Template once you’ve determined which Journal entry system to use. For ease and convenience, choose a wide array of Journal (Entry) Format Form Template included in this article. Making use of ready-made templates makes your bookkeeping tasks easy and fast. You can also try downloading one of our profit and loss statement forms to help you in completing the whole accounting process for this accounting period.
Step 3. Edit the Journal (Entry) Format Template
Edit the Journal (Entry) Format Form Template once you’ve chosen and downloaded the specific template that you’re looking for. The template is already in table format to allow you to input the figures in their corresponding columns and rows easily. To edit the template, simply put the amount and figure in its corresponding row and column. For example, the number of total sales reflected in the sales receipt should be recorded in the debit column.
Step 4. Print the Journal (Entry) Format Form
Print the Journal (Entry) Format Form once you’re done editing its template. Print the Journal (Entry) Format Form using your office printer. It is also best that you print a blank form of the Journal (Entry) Format Form. Printing a blank Journal (Entry) Format Form enables you to a have printed template that you can use for the next accounting period.
Step 5. Submit the Journal (Entry) Format Form
Submit your printed Journal (Entry) Format Form to your immediate officer for records and safekeeping. The printed Journal (Entry) Format Form will be used as a reference once the accounting books open when the accounting periods start. The printed Journal (Entry) Format Form will be one of the many journal entries used in preparing various accounting documents, most especially the balance sheet and income statement.
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