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

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Presentation transcript:

Posting 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 grouping together effects of transactions on a “per account” basis. It is the second part of the recording process of accounting which is also known as “classifying”.

Posting Concepts Posting is done immediately after the journalizing process. It uses the general ledger or simple the ledger (book of final entry).

The T- Account The T-account is a summary device used in the posting process. It used to group together effects of transactions in each account. As a basic concept, every item in the chart of accounts has its own T- account.

The T- Account A101- Cash Oct 1 150, ,460.00Oct 7 Oct 5 80, ,500.00Oct 12 Oct 17 30, ,287.00Oct 22 Oct 19 25, ,845.00Oct 30 Oct 27 2, Oct 31 18, , , (32,092.00) 338, Account Posting Reference Total Debits Total Credits Balance

Posting Process Step 1: Transfer the date and the amount of the debited account from the journal entry to its correct t-account.

Journalizing Process Step 2: Indicate the posting reference of the item/s in step 1 to the posting reference column of the journal.

Journalizing Process Step 3: Repeat steps 1 and 2 for the item/s on the credit side of the journal entry

Journalizing Process Step 4: If all the journal entries have already been posted, compute for the total debits and total credits in each t-account.

Journalizing Process Step 5: Looking at the total debits and total credits of the t-account, deduct the smaller amount from the larger amount to get the balance. Put a double rule on the account balance.

Journalizing Process Step 5: Leave one space before preparing another journal entry

Let’s have a one minute break so that we can absorb the concepts of the previous topic.

The Link Between Journalizing and Posting Posting is the final stage of the recording process. It relies on the information from journalizing in order to create a summary of the transactions that occurred during the period. *** if the transaction analysis is incorrect, then the journal entry will also be incorrect.

The Link Between Journalizing and Posting *** if the journal entry is incorrect, then the posting will also be incorrect. *** if the journal entry is correct, the posting may still become incorrect if the posting process was not followed.

Sample Journal Entry **post this transaction using A101 as the posting reference of cash, A113 as the posting reference of Equipment and E301 as the posting reference of X, Capital.

End of Lecture Thank You!