What is GL coding, p2p cycle, journal entries

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Accepted Answer

GL coding is a system of assigning codes to financial transactions. P2P cycle refers to the process of procuring goods and services. Journal entries are records of financial transactions.

GL coding involves assigning codes to transactions for easy tracking and analysis
P2P cycle includes steps like requisition, purchase order, receipt of goods, and payment
Journal entries are used to record financial transactions in the general ledger
GL coding and journal entries are important for accurate financial reporting
Examples of P2P cycle include ordering office supplies or hiring a contractor for a project

What is GL coding, p2p cycle, journal entries

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