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Account balances in the general ledger are updated for transactions through the process of posting.
A transaction is a commercial enterprise event that has a financial impact on an entity's economic statements and is recorded as access in its accounting records. Examples of transactions are as follows: Paying a provider for services rendered or items introduced.
An Accounting Transaction is an enterprise hobby or transaction that has a financial effect on a company's financial statements. For instance, Apple representing nearly $2 hundred billion in cash & cash equivalents in its balance sheet is an accounting transaction.
An accounting transaction is a method of recording financial data that has an impact on the monetary statements of the enterprise. It's by far the best method used by the business to record each transaction of each day event which would assist in measuring the value of the companies.
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