How does the APPROPRIATIONS PROCESS work? One of the greatest challenges legislators face each year is the task of dividing state funds among many competing interests. It is difficult for the simple reason that there never seems to be enough money to do everything requested. Not every program within every state agency can be fully funded.
Journal entry is an entry to the journal. Journal is a record that keeps accounting transactions in chronological order, i.e. as they occur. Ledger is a record that keeps accounting transactions by accounts. Account is a unit to record and summarize accounting transactions. All accounting transactions are recorded through journal entries that show account names, amounts, and whether those accounts are recorded in debit or credit side of accounts.
At year-end, I have an expense which was not paid. Therefore, a journal entry was created to debit the expense and credit the balance sheet as other creditors.Post year-end, the expense was paid.This bank transaction entry should be coded to other creditors.ou can amend you previous credit journal from Other Creditors to code 660 Accruals and then follow the same procedure in the new year. You would then explain the bank transaction as normal to the expense category.