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How to Create a Journal Entry

You will surely be thinking, why am I writing the steps to create a journal entry? When there are strict rules of journal entry, how can we create a journal entry. Creation may be of picture or creation may of story but you will feel happy, creation may be in accounting in the form of journal entry.

When your accounting teacher gives you some transactions for passing journal entries, you will surely pass the journal entries even you do not know the rules of double entry system. It may be wrong but it is surely your creation of journal entry. No one can reject it as your original creation. You and your accounting teacher feel happy that a new creation has been born by you. Your teacher should motivate to you to create everything originally whether it is wrong or correct. Yes, It is the duty of your teacher to correct your mistake. But, it is also duty of your teacher to respect your creation and learn something new from your creation. Few days ago, I read Dr. David Schwartz's book "magic of big thinking". This book has changed my life. Every teacher must read this book because this book will make you more positive. If teacher will think positive, his students will become positive. If teacher will become negative, his students will think also negative.

Now, come to the point, I am explaining my step to create a journal entry. You can follow your steps and create a journal entry and show it as master piece for exhibition. Trust on me, it will become also super-hit one day.


1. Journal entries are passed date-wise. To forget date of journal entry will create more problem for you. First, you can mix one transaction with other second you it will become difficult for you for finding the journal entry of any specific date's transaction.

2. Make the reference note for your each transaction. There may be lots of transaction in day, special reference note may help for identify a specific name. In this reference note, you can keep different assets, liabilities, expenses and incomes' account's names. I know my business's expenses but you know your business's expenses names. So, reference note will help you everywhere. When you will become accountant in 100th new business company, you will have past reference note of 99 business company which will become encyclopedia of accounts names.

3. Debit one account one basis of double entry system and credit other account with same system. Receiver, coming asset and expenses account will debit and giver, outgoing asset and incomes accounts will credit.

4. If you have doubt whether entry is wrong or correct. Try to check entry with accounting equation. Accounting equation is  Assets = Outside liabilities + Owner's Capital + Incomes - Expenses

or Assets + Expenses = Outside liabilities + Owner's Capital + Incomes

Left side is for debit and right is for credit. In any journal entry, if any asset will come or expenses will be incurred, it will be debit and if liabilities or capital or income will increase, it will be credit. Some creation.

5. Explain the small explanation of your journal entry in your description.

Related Resources of Journal Entries 

  1. Journal Entries of Depreciation 
  2. Journal Entries of TDS
  3. Journal Entries of Prepaid Expenses 
  4. Journal Entries of Accrued Expenses 
  5. Journal Entries of Outstanding Expenses 
  6. Journal Entries of Unrealized Earning 
  7. Journal Entries of Unbilled Revenue 
 8.  Journal Entries of Account Receivables 
  9. Journal Entries of Excise 
10. Journal Entries of Bad Debt 
11. Journal Entries of Credit Note
12. Journal Entries of Debit Note
13. Journal Entries of Lease 
14. Journal Entries of Fixed Deposits
15. Journal Entries of Project Contracts 
16. Journal Entries of Zero Coupon Bonds 
17. Journal Entries of Payroll
18. Journal Entries of Dividends 
19. Journal Entries of Joint Venture 
20. Journal Entries of Revaluation of Assets 
21. Journal Entries of VAT
 22. How to Make a Journal Entry
23. How to Pass Difficult Journal Entries
24. How to Pass Opening Journal Entry




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Accounting Education: How to Create a Journal Entry
How to Create a Journal Entry
Accounting Education
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