Purchase Journals

A purchase journal is a specialised accounting record used to systematically document all purchases made on credit by a business, organising transactions by vendor and including details such as purchase date, invoice number, item descriptions, quantities, prices, and any applicable discounts or taxes, thereby aiding in expense management and ensuring accurate financial records for reporting and tax purposes.

A purchase journal is a specialised accounting journal used in a business's accounting system to keep track of orders placed using accounts payable.

It serves as a detailed shopping list, recording all purchases made on credit, including inventory, supplies, and services.

Organised by vendor, entries include purchase date, invoice number, item descriptions, quantities, prices, and any applicable discounts or taxes. Purchase journals help businesses stay organised, manage spending, and ensure accurate financial records for reporting and tax purposes.