Tips:

• Write the name of the account in each row.
• Click the “Add Row” button for another account title.
• Click “Add Entry” to record another transaction.

Journal Entry Calculator Form

What is the Journal Entry?

Journal entries are the primary and most important accounting process based on the dual aspect system. Journal entries are a list of recorded transactions or books where transactions are initially recorded with a debit-credit analysis.

Every transaction is recorded with a brief description. It is the first and primary book of accounting.

What is the Journal Entry Calculator?

It is an automated accounting tool that calculates journal entries and prepares reports in less time with greater efficiency. In this calculator, you can record your daily business transactions according to the dual-aspect accounting system. You just need to identify the debit and credit accounts of each entry. With this prominent calculator, you can record as many journal entries as you want.

How does the Journal Entry Calculator work?

This is a simple and easy-to-use accounting tool. You can generate your journal report instantly by following several steps. You can enter each of your account titles in each row for a transaction with the date of occurrence. When you are done entering all your transactions, hit the “Calculate” button. Our calculator will generate your journal book for your specified period. The report will show all your entries with the total debited and credited amount.

The Journal Entry Format

According to international accounting standards, the journal entry form should be in five columns. These are-

• Date
• Account Titles and Explanation
• Ledger Page or Reference
• Debit Amount
• Credit Amount

To make your journal book standard, our calculator follows this format for report preparation.

How do you determine debit and credit? – The Rules for Journalizing

The process of recording everyday transactions following the rules of the double-entry accounting system is called journalizing. According to the rules of the double-entry system, there are always two sectors of every transaction. In the modern system, accounts are divided into five categories these are- assets, liabilities, expenses, income, and owner’s/shareholders’ equity.

To determine whether an account is debit or credit, first, you have to find out the account type of that account. Here’s the modern formula for debit-credit determination of the five types of accounts.

• Assets
  • Increase = Debit
  • Decrease = Credit
• Liabilities
  • Decrease = Debit
  • Increase = Credit
• Expenses
  • Increase = Debit
  • Decrease = Credit
• Income
  • Decrease = Debit
  • Increase = Credit
• Owner’s Equity
  • Decrease = Debit
  • Increase = Credit

After determining the debit and credit sector, write the debit amount in the debit column and the credit amount in the credit column. Remember that the amount of total debit and total credit must be equal. Also, write an explanation for each entry.