Home / Audit and assurance / Audit Articles / FocusOn - Key controls - General journals

bulletfocus on  More detail available in this PDF version

The general journal cycle is a unique system which differs significantly from the revenue, expenses and payroll cycles.

How these cycles function will determine the transactions which will be in the relevant sub-ledgers. The sub-ledger balance will then be posted to the general ledger, which is the input driver for all financial reports.

The first three systems are relatively automated in that by following the documented process, we can place some reliance on the amounts that make it in to the financial reports.

General journals are different because they are effectively manual adjustments which can be made outside the usual transaction cycles and systems.

Types of general journals

There are two types of general journal entries:

Vicki Adams

New to Saward Dawson? Book a free 30 minute consultation

We happily spend 30 minutes without charge with new contacts to explore relevant issues and outline how we can assist. Let us know your area of interest and we will arrange a specialist to meet with you.

Subscribe to e-bulletins

Subscribe Now

Stay Connected