This article gives some illustrations/scenario pertaining to posting to enable the reader to enhance his/her knowledge.

Posting From General Journal to Three Column Ledger Accounts

Given below the answer to the journal to recording the following transaction:

• On 23/2/07, Company XYZ bought an Office Equipment which cost $5,000 cash.

                         GENERAL JOURNAL                              JV No.1

AS AN ILLUSTRATION, LET’S NOW POST THE ABOVE TRANSACTION IN THE GENERAL JOURNAL TO THE BELOW THREE-COLUMN LEDGER ACCOUNT:

                                         GENERAL LEDGER

                    Office Equipment Account                        No:1450

                                                                                                                      Bank Account                                    No:1100

Please bear in mind the following steps to ensure accurate and structured posting technique:

• In the ledger, enter in the appropriate columns of the account debited, the date, journal page and debit amount shown in the journal and

• In the reference column of the journal: write the account number to which the debit amount was posted

• In the ledger, enter in the appropriate columns of the accounts credited, the date, journal page and credit amount shown in the journal and

• In the reference column of the journal; write the account number to which the credit amount was posted.

By performing the aforesaid steps, you will then have a structured, consistent manner of posting to ensure non-omission of any transactions

This article discussed what is posting and some salient points on posting.Posting is the process of transferring information from one book to another.

We can post information from the journal to the ledger, journal entries are transferred to their respective debits and credits in the various accounts in the ledger.

The posting can be:-

• Posting from the Purchase Journal

• Posting from the Returns Outwards Journal

• Posting from the Sales Journal and Returns Inward Journal

Salient points on posting:

1.    Posting should be performed in chronological sequence ie. All the debits and credits of one journal entry should be posted before proceeding to the next journal entry.

2.    It is very important that posting should be done on a timely basis to ensure the ledgers are up to date so as to ultimately enable the financial statements to be prepared.