Special journals definition
/What are Special Journals?
Special journals are all accounting journals except for the general journal. These journals are used to record specific types of high-volume information that would otherwise be recorded in and overwhelm the general ledger. The total amounts in these journals are periodically transferred to the general ledger in summary form. Transactions are recorded in special journals in chronological order, making it easier to research transactions.
Examples of Special Journals
Examples of special journals are as follows:
Cash receipts journal. This is a subsidiary ledger in which cash sales are recorded.
Cash disbursements journal. This is a detailed record of the cash payments made by a business.
Payroll journal. This is a detailed record of accounting transactions related to payroll.
Purchases journal. This is a subsidiary-level journal in which is stored information about purchasing transactions.
Sales journal. This is a subsidiary ledger used to store detailed sales transactions.