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The account number and the Journal page number will be entered in the post. ref. column.
When you’re going over your financial statements, do you often find yourself wondering what the number in this column means? If so, you’re not alone! Many people can benefit from understanding the columns of numbers on their balance sheets and income statements, which include the post refs column.
If you’ve ever seen accounting transaction data, you’ve probably noticed references to post refs scattered throughout the information. These little entries can appear in many places throughout an accounting document, and they’re used by accountants and bookkeepers to help them keep their record-keeping straight.
- The post reference column: The post reference column is used for entering the date (using day-month-year format) of the transaction.
If a transaction occurs on two dates, the most recent date should be entered in this column.
For example, if an account received $1000 from an outside source on November 1st and then deposited it into the account again on November 8th, the post reference number would show 111018.
The column can also be used to trace transactions from one account to another by matching up the numbers.
- The account number: For each transaction in the Journal, you will have a corresponding line on your Balance Sheet.
For example, if you have an expense entry in the Journal of $150, this would be seen as an increase to accounts payable on your Balance Sheet. - So for (1) the journal, you would enter 150;
- And for (2) the account, you would enter 250. The posting references column helps trace transactions from accounts to the general ledger.
It can also act as a helpful guide when comparing numbers on your balance sheet versus numbers in your cash flow statement or income statement.
- The journal page number: The account would go in the post. ref. column of the journal on the left side, while the journal would be input into the post. ref. column of the account on the right side.
That way you are able to trace transactions from one account in one area of your ledger system (your journal) to another (your account).
When you do that, it helps keep track of all transactions as they happen instead of waiting until after a number of transactions have been made before writing them down.
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