Posting/Classifying John V. Balanquit. Objectives Student will be able to : Discuss the concept of posting Summarize the posting process Relate the posting.

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Presentation transcript:

Posting/Classifying John V. Balanquit

Objectives Student will be able to : Discuss the concept of posting Summarize the posting process Relate the posting process with the journalizing process

Definition of Posting It is the process of recording transactions by grouping them on a “per account” basis. It is the second and final part of the recording process of accounting.

Posting Concepts Posting is done immediately after the journalizing process. It uses the general ledger or simple the ledger (book of final entry). This process uses the t-account as an accounting tool.

The Posting Reference It is an alpha-numeric code that represents accounts in the posting process. Example: A110Cash E310X, Capital

The T-Account Posting Reference Account Title Debit Postings Credit Postings Total Debits Total Credits Account Balance

Posting Process Assume that these are the only transactions of the company:

Posting Process In the previous slide, assume that the posting reference are as follows: A110Cash A130Supplies E310X, Capital

Posting Process The first step is to prepare the t-accounts. Always remember to make one t-account for each account. Let us focus first on the t- account of Cash.

At this point, the t-account is still empty because no postings are made yet.

Posting Process The second step is to transfer the effects of the journal entries to their respective t- accounts. In the previous journal entries, observe the transactions where cash was involved.

Posting Process Cash was debited for 100,000 on January 1. Transfer this to the T-account.

This is how the transaction on January 1 will be posted. Do the same for the other transactions.

Posting Process Cash was credited for 5,000 on January 3 and debited for 12,000 on January 5

This is how the transaction on January 3 and 5 will be posted.

Posting Process Since all transactions have been posted already, the posting reference should be indicated also.

Compute for the total debits and total credits

Deduct the smaller total from the bigger total. In this example, the credit is smaller.

Compute for the balance.

Posting Process In the previous example, you have computed for the balance of Cash to be 107,000. You have just finished posting for Cash. Do the same step for the other accounts.

The Link Between Journalizing and Posting Posting simply groups the transactions per account. After this process, you will be able to know the balance of each account. *** if the journal entries are correct and the posting process was correctly followed, then you will be able to compute for the correct account balance.

End of Lecture Thank You!