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Posting Transactions

This document discusses the steps involved in posting journal entries to the general ledger accounts. It describes the posting process as transferring debit and credit amounts from the journal to the appropriate ledger accounts. The key steps are: 1) Transfer the transaction date and journal page number, 2) Post debit and credit amounts to the relevant ledger accounts, 3) Record the account number in the journal once posted, and 4) Repeat until all journal entries are posted. At the end of each accounting period, the debit or credit balance of each ledger account is determined to prepare a trial balance.

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Gina M. Tañedo
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692 views20 pages

Posting Transactions

This document discusses the steps involved in posting journal entries to the general ledger accounts. It describes the posting process as transferring debit and credit amounts from the journal to the appropriate ledger accounts. The key steps are: 1) Transfer the transaction date and journal page number, 2) Post debit and credit amounts to the relevant ledger accounts, 3) Record the account number in the journal once posted, and 4) Repeat until all journal entries are posted. At the end of each accounting period, the debit or credit balance of each ledger account is determined to prepare a trial balance.

Uploaded by

Gina M. Tañedo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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BOOKKEEPING NC III

UNIT OF COMPETENCY:

POST TRANSACTIONS
2.1 TRANSFER JOURNAL
ENTRIES
• The purpose and importance
of posting
• The steps in the posting process
STEPS IN POSTING
POSTING
• MEANS TRANSFERRING THE AMOUNTS FROM THE
JOURNAL TO THE APPROPRIATE ACCOUNTS IN THE
LEDGER.
• DEBITS IN THE JOURNAL ARE POSTED DEBITS IN THE
LEDGER, CREDITS IN THE JOURNAL ARE CREDITS IN THE
LEDGER.
POSTING (STEP 3)
FORMAT OF THE GENERAL LEDGER
STEPS IN POSTING:
1.TRANSFER THE DATE OF THE TRANSACTION FROM THE JOURNAL TO THE
LEDGER.
2.TRANSFER THE PAGE NUMBER FROM THE JOURNAL TO THE JOURNAL
REFERENCE (J.R.) COLUMN TO THE LEDGER
3.POST THE DEBIT FIGURE FROM THE JOURNAL AS A DEBIT FIGURE IN THE
LEDGER AND THE CREDIT FIGURE IN THE LEDGER AS A CREDIT FIGURE IN
THE LEDGER.
4.ENTER THE ACCOUNT NUMBER IN THE POSTING REFERENCE COLUMN OF
THE JOURNAL ONCE THE FIGURE HAS POSTED TO THE LEDGER.
KEY POINTS

POSTING TO THE GENERAL LEDGER ACCOUNTS


FOR EVERY TRANSACTION YOU WILL POST TO
AT LEAST TWO LEDGER ACCOUNTS. YOU WILL
POST THE DEBIT PART OF THE ENTRY TO ONE
LEDGER ACCOUNT AND THE CREDIT PART OF THE
ENTRY TO ANOTHER LEDGER ACCOUNT.
POSTING

1. TRANSFER THE DATE OF


TRANSACTION
POSTING
POSTING

2. FILL OUT THE “F” COLUMN OF THE


LEDGER
POSTING
3. COPY THE AMOUNT FROM GENERAL
JOURNAL TO THE GENERAL LEDGER
POSTING
3. COPY THE AMOUNT FROM GENERAL
JOURNAL TO THE GENERAL LEDGER
POSTING

4. COMPUTE FOR THE AMOUNT TO BE EXTENDED


TO THE BALANCE COLUMN OF THE LEDGER
POSTING
POSTING
5. FILL OUT THE “PR” COLUMN OF THE GENERAL
JOURNAL ADJACENT TO THE ACCOUNT POSTED
TO THE GENERAL LEDGER
POSTING

300
POSTING
REPEAT THE STEPS UNTIL ALL JOURNAL ENTRIES
FROM THE GENERAL JOURNAL HAVE BEEN
POSTED TO THE GENERAL JOURNAL
LEDGERACCOUNTS AFTER POSTING

• AT THE END OF ACCOUNTING PERIOD, THE DEBIT OR CREDIT BALANCE OF ACH ACCOUNT
MUST BE DETERMINED TO ENABLE US TO COME UP WITH A TRIAL BALANCE
• EACH ACCOUNT IS DETERMINED BY FOOTING (ADDING) ALL THE DEBITS AND CREDITS
• IF THE SUM OF THE ACCOUNT’S DEBITS IS GREATER THAN THE SUM OF ITS CREDITS, THAT ACCOUNT
HAS DEBIT BALANCE.
• IFTHE SUM OF ITS CREDITS IS GREATER, THAT ACCOUNT HAS A CREDIT BALANCE.

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