Financial Transaction

A financial transaction refers to any financial transaction or event that takes place within MKG. This can include any form of financial activity such as placing an order, receiving payment from a customer, paying suppliers, payroll and more.

Financial transactions can include both incoming and outgoing transactions and are usually related to a company's core activities.

Difference with Journal Entry
A financial transaction is a broader term that describes any financial transaction or event within an ERP system, while a journal entry is a specific accounting record used to record the financial aspects of that transaction according to accounting rules. The journal entries make it possible to accurately track and report financial data.