Types of Journal entries

What are different types of Journal entries?

Journal entries are based on business transaction and correct effect of entries bring apparent balance sheet and profit or loss.
The different types of Journal Entries are:
1. Standard Journal Entry: This type uses Journal Entry as foundation for creating the two types of Standard Journal Entries:
Template:Template automate the entry of similar or identical journal entries. It does not copy the monetary amounts in the successive journal entry.
Recurring: Recurring automate the entry of similar or identical journal entries. It copies the monetary amounts in successive journal entries. It can be created across accounting periods or for multiple accounting periods.

2. Copy Journal Entry: It uses an existing journal entry as the basis for a new journal entry and makes a copy of an existing journal entry, including dollars. You can copy any journal entry and then change the header or detail lines. You can mark it as a reversal so debits and credits are reversed.

3. Allocation Type Journal Entry: It allows for an allocation process to calculate the values to be included in the journal entries. Allocations are typically used to allocate certain balances and statistical quantities across Business Units, Funds and/or Departments.

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