What is the name of the book of original entry where transactions are first formally recorded?

The book of original entry where transactions are first formally recorded is known as the Journal. This is the primary accounting record where all financial transactions are logged in chronological order. Each transaction is entered as a journal entry, which includes details such as the date of the transaction, the accounts involved, and the amounts debited or credited. The purpose of the Journal is to provide a clear and organized record of all transactions before they are transferred to the Ledger, where accounts are maintained in a more categorized format. This systematic approach helps in tracking and verifying all financial activities of a business accurately from the outset.

While a Ledger is important for summarizing account balances and posting entries from the Journal, it does not serve as the original record of transactions. The term "Book of Accounts" is generally more descriptive and does not refer specifically to the initial recording process. "Journal Entry," while relevant, refers to the individual records within the Journal rather than naming the book itself. Hence, the Journal is the correct term for the book of original entry.