what is journal book
Answers
Answer:
A journal book is used to post all entries in detail to the general ledger, with similar transactions grouped together. A journal book has two components:
Header: the definition and parameters associated with the journal book
Detail: the transactions assigned to a journal book
Journal books are used to provide greater detail in the general ledger for the cash and accounts payable accrual accounts. Journal book processing is a requirement in certain countries.
If your company processes by journal book, you must assign all transactions to a journal book number. Auditors can use these journal book numbers to track transactions to their origins. These numbers are also helpful in tracking transactions you have interfaced from non-Lawson applications.
You can define a default journal book on System Control (GL01.1). If you select a journal book number in this field, during posting the system assigns this value to transactions that originate from this system code for the company without a journal book value. This value will not default to the AP transaction during transaction entry. For details about defining a journal book, see the General Ledger User Guide.
Answer:
Explanation:
Journal book is the primary book of recording transactions in which all the transactions are recorded chronologically. After that we can post the entries in ledger and trial balance.