9B: Posting

• • The process of transferring the records from the journal to the ledger; A ledger constitutes a group of accounts.
  • Also called the book of final entry
  • The simpler form of a ledger is the “T-Account”.
• The purpose of posting is to classify the effects of transactions on specific asset, liability, equity, income and expense accounts in order to provide more meaningful information.

  We may think of it this way — data processed in the journal is “raw” information. We need to classify (i.e., post) the information in the ledger so as to provide a more “refined” information.