General Ledger Journal
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The General Ledger (GL) Journal records all financial transactions within GL codes, specifically tracking operations and asset management activities. It is a key component of account management and includes:
Labour Journal: This journal records all labour-related expenses, such as wages, salaries, and other compensation costs. It helps track employee recovery and ensure accurate payroll accounting.
Plant Recovery Journal: This journal records the recovery of costs associated with the use or maintenance of plant assets. It is used to track adjustments, repairs, or any recovery in the operational efficiency of plant machinery and equipment.
Work in Progress (WIP) Journal: This journal captures costs related to work in progress. It helps track unfinished goods or projects in a manufacturing or service context, ensuring proper cost allocation for incomplete work.
Plant Depreciation Journal: This journal records the depreciation of plant assets over time. It helps track the allocation of depreciation expenses for equipment, machinery, and other long-term physical assets, reflecting their gradual loss in value.
Job Adjustment Journal: This journal is used to record adjustments or changes to job costs, including corrections of previous entries, reallocation of costs, or other necessary modifications related to specific jobs or projects.
