What is a nominal journal and why is it used? And what is the package sage?

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In summary, a nominal journal is a record of financial transactions organized by account name and number. It is a part of the general ledger and specifically focuses on income and expense accounts. The purpose of a nominal journal is to track and summarize financial activity, and entries are made using the double-entry accounting system. It can also be used for tax purposes, but accuracy and compliance with tax laws are important.
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ruby_duby
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can anybody please tell me wat a nominal journal is and why they are used?
also what is the package sage?
 
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Can you be a little more specific in your question? I'm not sure what your talking about.
 
  • #3
give a clue as to what field you are talking about, a nominal journal could refer to auto mechanics, a package of sage could be seeds. The more information you supply with your question the better chance you will have of getting a meaningful answer.
 

1. What is a nominal journal?

A nominal journal is a record of financial transactions that are organized by account name and number. It is used to track and summarize the financial activity of a business or organization.

2. How is a nominal journal different from a general ledger?

The nominal journal is a part of the general ledger, which is the main accounting record that contains all the financial accounts of a business. The nominal journal specifically focuses on the income and expense accounts, while the general ledger includes all types of accounts.

3. What is the purpose of a nominal journal?

The purpose of a nominal journal is to record and track the financial activity of a business or organization. It helps to summarize the financial transactions and provides a clear overview of the income and expenses.

4. How are entries made in a nominal journal?

Entries in a nominal journal are made using the double-entry accounting system, where each transaction is recorded with a debit and credit entry. Debits are recorded on the left side and credits on the right side of the account.

5. Can a nominal journal be used for tax purposes?

Yes, a nominal journal can be used for tax purposes. It provides a detailed record of all financial transactions, which can be used to prepare tax returns and calculate taxable income. However, it is important to ensure that all entries are accurate and in compliance with tax laws.

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