DR CR
Accounts Receivable—Control
Sales XXXX.XX
XXXX.XX
Figure 4-4 illustrates a journal voucher. Each journal voucher represents a general journal entry and indicates the general ledger accounts affected. Summaries of transactions, adjusting entries, and closing entries are all entered into the general ledger via this method. When properly approved, journal vouchers are an effective control against unauthorized entries to the general ledger. The journal voucher system eliminates the need for a formal general journal, which is replaced by a journal voucher file.
UPDATE INVENTORY RECORDS. The inventory control function updates inventory subsidiary ledger accounts from information contained in the stock release document. In a perpetual inventory system, every inventory item has its own record in the ledger containing, at a minimum, the data depicted
• Forwards the ledger copy of the sales order to the update accounts receivable task.
• Sends the stock release document to the update inventory records task.
The sales journal is a special journal used for recording completed sales transactions. The details of sales invoices are entered in the journal individually. At the end of the period, these entries are summarized into a sales journal voucher, which is sent to the general ledger task for posting to the following accounts: