What do you mean by Special journal?

Special journal is a journal that is used to record similar types of transactions.

Special journals are of various types, such as:

1. Sales journal,
2. Purchase journal,
3. Cash Receipts journal,
4. Payments journal. Etc.

Advantages of Special Journal

Special journals have several advantages. Such of them are as follows:

• It accumulates similar entries in a single journal.
• It makes very easy to post entries into the accounts.
• It reduces the possibilities of errors in posting.
• It permits greater division of labor.
• It provides total amounts of same transactions.
• It provides the chronology of same transactions.
• It helps to control the accounts in the ledger.
• It gives the priority of recurring transactions.
• It classifies transactions into specific journals.

Disadvantages of Special Journal

Special journals have some disadvantages. Such of them are as follows:

• It requires a higher knowledge about recording process.
• It cannot record all types of transaction.
• It is comparatively complex than general journal.
• It requires some additional journals, such as memorandum journal, control
• It records limited types of transactions.