TracyS61 posted a question
Explain the differences/similarities of journalizing and posting?
(Points : 1)
Journalizing is done to the general ledger, although posting is done to individual ledgers.
Journalizing is done in the journal, although posting is done to individual ledgers.
Both processes require that you maintain a running balance of each individual account.
According to GAAP, all posting to the general ledger must be done by the end of the fiscal year, and journalizing is done monthly.