Accounting journal entries are the official accounts of financial transactions that occur within an organization. They are an important part of any business’s accounting system, as they provide a record of each transaction and its impact on the company’s financial situation. Every time a financial event occurs, it must be recorded as a journal entry in the company’s books. The entries are made up of debits and credits that must balance in order for the books to remain accurate and in compliance with Generally Accepted Accounting Principles (GAAP). Journal entries include information such as the date of the transaction, the amount of money involved, the account or accounts affected by the transaction, and the reason for the transaction. Accounting journal entries form the basis for all financial statements and reports, including income statements, balance sheets, and cash flow statements.