Cash sales
Options
mighty18
Registered Posts: 16
When posting to the sales ledger control account or purchase ledger control account do your entries include cash sales and cash purchases? This is as well as, credit sales & credit purchases.
0
Comments
-
No, the opposite entry for cash sales or purchases will be the bank/cash account. For cash purchases (ignoring VAT):
Dr Purchases
Cr Bank
Cash sales:
Dr Bank
Cr Sales
Only credit sales and purchases interact with their respective control accounts. The control accounts serve as a stopgap between the sale or purchase being made and the money being received or paid.
So for credit sales, the first entry would be:
Dr SLCA
Cr Sales
Then once the payment is received:
Dr Bank
Cr SLCAMatthew Dearlove MAAT
Currently on CIMA Management Level. Passed P2, F2 and E2. Preparing for November 19 MCS.1 -
Wow, simple as that. Now it makes sense.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.4K For AAT students
- 262 NEW! Qualifications 2022
- 144 General Qualifications 2022 discussion
- 9 AAT Level 2 Certificate in Accounting
- 44 AAT Level 3 Diploma in Accounting
- 65 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 268 VAT
- 90 Software
- 271 Tax
- 133 Bookkeeping
- 7.1K General accounting discussion
- 195 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 578 Job postings
- 16 Who can benefit from AAT?
- 35 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership