running journals

Running journals are detailed records that track the ongoing financial activities of a business or project. They document all transactions, such as sales, expenses, and payments, as they occur. This organized record-keeping helps ensure accuracy and provides a clear financial picture. Running journals serve as an essential tool for accounting, enabling businesses to monitor cash flow, prepare financial statements, and comply with regulations. They typically include dates, descriptions, amounts, and account codes, forming the foundation for compiling accurate financial reports and facilitating effective financial management.