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FAQs

Business transactions are an integral part of our daily lives. They involve a number of parties involved in a transaction or agreement with each other. The value that is exchanged between these parties is related to the actual value of the product, service, or money involved in a particular business transaction. Business transactions are being conducted on a large scale all over the world. And this kind of business transactions are very important for any business to gain market share. So, there is a need to record the financials of each transaction for accounting purposes.

A transaction is an event that occurs in a business. A transaction can be either an asset sale, a transfer of funds, or an exchange of money. A transaction may only occur when the balance on the two accounts changes. Transactions are recorded in business to record the progress of the business. A transaction is just a record of how much work was performed. It’s important for businesses to keep track of each transaction so that they can see if their profit has increased or not. This makes it easier for them to manage the company efficiently and avoid any problems with customer complaints.

The purpose of your journal is to record all the transactions you perform in the business. These transactions are also referred to as entries.A business transaction is first recorded in a journal, also called a Book of Original Entry. Your journal keeps a record of all your business transactions, tracking them in chronological order, as the case may be, and entering each one. It can be fired off to your accountant or bookkeeper and pays regular interest on the money you've invested in it. Business transactions are recorded by the parties involved. They are usually done with a pen and paper. Computers, smartphones, tablets or other devices can help us to record all of these interactions and we can create a digital version of these records digitally and annotate them later on. These “recordings” will allow you to look back at what happened in your business transactions and analyze them for better understanding of the results achieved so far.

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