Day books

• Reasons for using day books

  • Saves time
  • Provides more detail
  • Easy to find information
• Reasons for using the journal

  • for non-regular transactions and why they happened
  • reduce the risk of fraud
  • reduce the risk of errors
  • so entries can be traced to the source document
• Uses of the journal:

  • opening entries at the start of the business
  • purchase and sale of non-current assets
  • correction of errors in the ledgers
  • recording bad debts