oboloo Glossary

Purchase Journal Entry

oboloo Glossary

Purchase Journal Entry

Purchasing journal entries are the accounting records used to document purchases of goods and services by a business. These transactions record the flow of money out of the business, including the procurement of materials and supplies, as well as the payment of liabilities such as rents and utilities. They also provide an audit trail for business transactions that can help organizations manage their financials more effectively. Purchase journal entries are important documents, as they can provide evidence to support each invoice or purchase transaction over time.