The "slip system of posting" refers to the slips used to make ledger entries in customers' personal accounts rather than journals. When there are no vouchers, this option is frequently chosen. Advantages: * Accounting is simple, and each transaction is documented. Disadvantages: * There is a risk of entering errors: either through human error or computer software bugs. Slips are used by bookkeepers to record debits and credits to individuals' accounts. For example, if a customer brings in receipts that should be entered into his or her account, a slip can be created for these transactions. Then, when the customer's statement is prepared, the bookkeeper can enter the credit corresponding to these receipts. There are two types of slips: debit and credit. Debit slips document an amount owed to a customer, while credit slips show an amount paid to someone else. Debit slips are used to record payments made to customers, such as those received from checks or other forms of payment. These slips must contain information about the debtor, a description of the payment, and sometimes a reason why the bookkeeper is recording the debt in another form (for example, "cash received" instead of "credit granted"). Debts recorded on debit slips cannot be erased. Instead, they must be reversed with a credit slip so that their status is restored to "undeposited funds".