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Record Credit Accounting TransactionsBalance Accounting Transactions

Edited by Lielie1017, Nicole Willson, Daniel Fass, BR and 6 others

In its most basic form, every accounting transaction is both a debit and a credit. Every entry into a journal must reflect a debit to 1 account and a credit to another account. Traditionally debits were entered into the left side of the accounting journal and credits were entered into the right side. The makers of accounting software programs still follow that formula, but they have made the process much easier for the accountant.



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    Set up an accounting system and make sure to enter every financial transaction you make into it. All of the computer software systems available will make recording accounting transactions easy for you by placing every entry into its correct place in the journal.
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    Gather any paperwork relating to debits such as invoices from suppliers, utility bills, credit memos issued to customers and payroll information.
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    Check every bill or debit for accuracy before recording it in the journal.
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    Divide and post every debit transaction into its appropriate category in the journal.
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    Balance the journal before closing it out every time you enter an accounting transaction whether you entered 1 transaction or 100 transactions.

Method 1 of 2: Record Credit Accounting Transactions

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    Gather any paperwork relating to income such as payments received from customers previously invoiced for services rendered or merchandise sold, credit memos received from suppliers or any miscellaneous income received.
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    Check all paperwork for accuracy. Make any corrections before entering into the journal.
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    Divide and post every credit document into its appropriate category in the journal.
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Method 2 of 2: Balance Accounting Transactions

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    Double check all accounting transactions entered in the journal. Each transaction should appear in its appropriate category: credit or debit, and an amount equal to that transaction should appear in the opposite side of the journal.

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  • Balance the journal every day, tracking down any errors and correcting them. This practice is one of the very first things taught to accounting students and its importance cannot be overstated.
  • In this digital age, paper records are not as important for proof of action as they once were. Rather than keeping paper copies of all credit and debit transactions, consider scanning them, front and back, and keeping those copies on two disks, one to be stored in the office and one off site to be used in case of emergency.


  • Keep backup copies of all accounting transactions stored on a computer disk. Make it a habit to download the entire accounting journal at the end of each business day. Make a second backup copy, and store the 2 disks in separate locations, 1 of them outside the building that houses the physical journal. This will be invaluable in the event of a catastrophic event such as fire or destructive weather.

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Categories: Accounting and Regulations

Recent edits by: Maluniu, Roberto K, Jeff


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