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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?
also what is the package sage?
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.
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.
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.
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.
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.