Common mistakes when journaling and how to avoid them

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Identify and organize each of the economic transactions carried out;
Note the date on which the operation was performed;
Write a short and precise description;
Indicate the accounts involved and whether they are debited or credited;
Record the debit and credit amounts of each account.
Let's now look at a small example of what a daybook should look like, in the context of a small shoe store.

Date Description/Account Has to Have
01/10/2024 €5,500 is deposited in cash to start operations.
Box 5500 €
Share capital 5500 €
01/10/2024 A batch of 100 pairs of sports shoes is purchased on credit
Goods 1000 €
Suppliers 1000 €
02/10/2024 50 pairs of dress shoes for sale at €25/pair
Box 1250 €
Sales 1250 €
02/10/2024 The electricity bill is paid
Supply costs 185 €
Bank 185 €
Electronic diary: is it possible?
The constant progress of technology has generated the use of various accounting systems that allow for daily electronic recording, which offers us some significant benefits and disadvantages that you should definitely know about.

Advantages:

Task automation and error reduction;
Remote access to records and ease of use;
Performing accounting analysis in less time;
Integration with other accounting and financial management programs.
Disadvantages:

An investment must be made to gain access to the accounting system;
You have to consider the learning curve of your staff to make the records;
There can be dependency on technology if there is no support;
Some legal requirements must be met.
Legislation
Regarding this last point, specific minimum list of canada cell phone number requirements must be met in order for the registration to be done electronically. Mainly, it is necessary to include a valid and secure digital signature or certificate.

Furthermore, records must be kept for the same period of time (at least six years) and the programs used must ensure that the data cannot be altered, thus avoiding tax fraud.


There are many different problems that can arise when making accounting entries in the accounting journal. Some of the most common errors may be:

Incorrectly assigning the accounts affected by the operations;
Omitting financial transactions or even duplicating them;
Not constantly reconciling your balance;
Failure to comply with the double-entry rule;
Entering incorrect dates;
Failure to correctly value the company's assets;
Staying up to date with changes in current regulations.

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