Grade 11 Accounting
Textbook: Accounting 1 (7th edition) By: George Syme, Tim Ireland and Colin Dodds.
Posting: Process of transferring information from the journal to the ledger
This is done for three reasons:
Forwarding: process of continuing an account on the next page by carrying forward the date and balance from the completed page.
Upon immediately making an error
Neatly stroke through the incorrect figures and write in the correct ones
Errors found later
If an error is discovered after some time, a correcting journal entry must be made (like the one below)
It is posted in the general journal and the explanation will be as follows:
"To correct posting error made on _____"