Special journals are a structured way of recording transactions in accounting. Instead of using a general journal to record all transactions, special journals are used to record specific types of transactions. This helps streamline the accounting process and provides a clearer picture of the business's financial activities.Here are the common types of special journals:1. Sales Journal: This journal is used to record all credit sales transactions. It typically includes columns for the date of the sale, the customer's name or account number, the invoice number, a description of the goods sold, the sales amount, and any sales tax collected.2. Purchases Journal: The purchases journal is used to record all credit purchases of inventory or other goods. It usually includes columns for the date of the purchase, the vendor's name or account number, the purchase order number, a description of the items purchased, the purchase amount, and any applicable taxes.3. Cash Receipts Journal: This journal records all cash received by the business, including cash sales, collections from customers on credit sales, and any other cash receipts. It typically includes columns for the date of the receipt, the name of the payer or customer, a description of the source of the cash, and the amount received.4. Cash Disbursements Journal: The cash disbursements journal is used to record all cash payments made by the business, such as payments to vendors, operating expenses, loan payments, and so on. It usually includes columns for the date of the payment, the payee's name or account number, a description of the payment, and the amount disbursed.By using special journals, businesses can:- Save time: Special journals streamline the recording process by providing pre-designed templates for specific types of transactions. This saves time compared to manually recording each transaction in a general journal.- Improve accuracy: Special journals reduce the likelihood of errors because transactions are recorded in a structured format, making it easier to track and reconcile accounts.- Facilitate analysis: Special journals provide detailed information on specific types of transactions, making it easier for accountants and managers to analyze financial data and make informed decisions.