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Cash & Bank Account

sarahwilsonsarahwilson Experienced MentorRegistered Posts: 567
If there are cash sales that are entered into a cash sales account and then there is cash subsequently banked would I assume that the cash had come out of the cash sales account and make an entry in there too?

I'm trying to do a TB and theres a cash sales account which ive entered sales to, then it says the owner of the firm banked some cash. I can't makethe TB balance so I am assuming that this is part of the reason but I don't actually know that!! HELLLPPPPP:laugh:

Comments

  • welshwizardwelshwizard Trusted Regular South WalesRegistered Posts: 465
    Try this:

    Cash Sale £1,000:

    Dr Cash £1,000
    Cr Sales (Cash Sales) £1,000

    Next day you bank that cash:

    Dr Bank £1,000
    Cr Cash £1,000
  • sarahwilsonsarahwilson Experienced Mentor Registered Posts: 567
    I figured as much!! I couldnt for the life of me see why it wouldnt balance and then I realised I'd just put the cash to the bank and not done any corresponding entry in any other account:blushing:
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