6 Basic Types of Books of Accounts

Here are the basic Books that every taxpayer like you should keep in mind.

Maui Banag avatar
Written by Maui Banag
Updated over a week ago

1️⃣ General Journal
This book is referred to as the original entry book. It records the transactions of the business in the order of the date using the principle of “debit and credit”.

2️⃣ General Ledger
This book is referred to as the final entry book. This is where you will see the summarized journal entries of an account to get the reconciled balances. This book tracks your Assets, Liabilities, Owner’s capital, Revenues, and Expenses.

3️⃣ Cash Receipt Journal
This is a special journal used to record all cash payments for expenses and/or collections of receivables. Entries can be in the form of cash sales; the sale of an asset for cash; collections from customers; a collection of interest, dividends, rent, etc.

4️⃣ Cash Disbursement Journal
This book is an internal record kept by accountants to record and track the business’s outflow of cash. This helps keep the General Ledger up-to-date.

5️⃣ Sales Journal

This is a special journal used to record sales on credit (received from customers).

6️⃣ Purchase Journal
This is a special journal used to record credit purchases (payable to the supplier).

To download JuanTax's Books of Accounts templates, click on this link: https://bit.ly/JuanTax_BOA

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