The process of entering all transactions from the Journal to Ledger is called Posting. Posting refers to the process of transferring entries in the journal into the accounts in the ledger. Posting to the ledger is the classifying phase of accounting.
The following is a statement showing the financial status of the comapany at any given time
Balance Sheet is a statement showing the financial status of the comapany at any given time. The balance sheet, together with the income statement and cash flow statement, make up the cornerstone of any company's financial statements.
The following is a statement of revenues and expenses for a specific period of time