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What is difference between general journal and general ledger?
The major differences between general journal and general ledger are as follows −
All financial transactions are recorded.
The primary step to record before ledger.
The process of recording transactions are called journalizing.
Narration is compulsory.
No need of balancing.
It has simple format.
Recorded as per transaction date.
Debit and credit recorded in column-wise.
Follow concept of duality.
All financial transactions are recorded in the respective accounts.
Second step and created from general journal.
Process of transferring the entries is called posting.
Narration is not compulsory.
Entries recorded account wise.
Debit and credit are recorded at different sides.
Follows concept of duality.
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