journalizing

Definition

Keeping track of all transactions in the financial journals of a business, using double-entry bookkeeping techniques. Each transaction record in a journal must include account details, the amount to be recorded, the date of the transaction, and a brief description of the transaction itself.

Use journalizing in a sentence

If we are going to open up our own pizza business, we need to make sure we keep good journalizing records.

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Our accounting department has a high rate of promotion and turnover, so journalizing each transaction using a double entry technique with amounts, dates and descriptions ensures that there is sufficient context for each record for whoever sees it next to understand and process it as needed.

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When Maxine was hired as the new accountant of the firm on shaky ground, her boss told her to use the technique of journalizing so that all entries would have two copies.

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