as we know we write narration along with each journal entry
but no accounting standard or policy makes it mandatory.
What your view on this matter.
is it practically necessary to write narration?
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Narration of Journal entry
Replies (6)
Quick Summary
Not necessary but writing narration helps to quickly identify the transaction for which the journal posted
It is necessary to understand to others and auditor ,why we pass journal entry. and other details , it is necessary to write narration , whether it's in law or not .
narration is necessary. It must be simple one line text.
Not mandatory but necessary to identify the transaction.Same amount transaction confuse over a period of time and one can not remember all transactions .
Agree with sudhir
Thank you all for your enlightenment
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