Journal Report

The journal report is used to keep a record of all the financial transactions. According to Art. 14.1 of Accountancy Act, the entries must be recorded chronologically and numbered consecutively. The Act allows the companies to use either a single general journal or several partial journals.

The legal regulations (Art. 23 of Accountancy Act), requires each journal entry to contain:
  • The posting date
  • The type and number of the accounting document
  • The document date
  • The text, code, or brief description of the transaction
  • The automatically numbered journal item
  • The identification of the ordering person (approver)

Each journal entry must be assigned a consecutive number.

If partial journals reports are printed, a summarised journal report that contains the totals partial journal reports must be printed, including the these information:
  • The total debits and credits up to the period
  • The total debits and credits for each partial journal separately
  • The total debits and credits for the period
  • The total debits and credits at the end of the period