cash control accounts

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:30AM in AAT student discussion
Can someone tell me what a cash control account actually means? (Not debtors/creditors control accounts).

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    cash control accounts

    Petty cash???? Dont know for sure just an (educated?!) guess.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    cash control accounts

    I would agree with Claudia and assumed it was equivalent to a petty cash account
  • System
    System Posts: 100,534 🤖 Admin 🤖
    cash control accounts

    How about a bank account?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    cash control accounts

    Hi<BR><BR>Your Cash Control Account and Bank Control Account are like your PLCA and SLCA. They form part of the double entry system but only deal in TOTALS.<BR><BR>Whenever you have an Account in the Main Ledger, with "Control" in the title, it only deals in TOTALS.<BR><BR>You have a Purchase Day Book and Sales Day Book which you post the TOTALS into the PLCA and SLCA at the end of each month.<BR><BR>This is the same for your Cash Book. At the end of each month, you post the TOTALS into the Cash and Bank Control Account.<BR><BR>Hope this helps<BR><BR>PS Why do people guess the answer? It doesn't help!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    cash control accounts

    Now the big man. We are all here to learn and there is no need to put sarcastic remarks!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    cash control accounts

    Thanks for your response, ok i get the jist of what you said.<BR><BR>Can you help with this, my husband has set up his own business and the accounts computer system does this, when posting cash to a customers a/c the posting value is debited to the s/l cash control a/c. when i go to post my cash book onto the system i shall be debiting the bank account and crediting the debtors control acc. what happens to the amount sat on the s/l cash control account, does this just keep accumulating to show a gross figure of cash received from customers?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    cash control accounts

    <BR>Sarcastic remarks aren't as annoying as people posting threads all over the place so they don't run in order!<BR><BR>Anyhow, the cash received from customers is cheque / cash. As you say Cr SLCA and Dr cash control. When this is banked you can't credit the debtors again, because you haven't got an outstanding invoice. <BR>It's Cr cash control and Dr bank.<BR><BR>Imagine they gave you £50 cash and you spent £10 on stationery, banking the rest:<BR>Cr SLCA £50 Dr cash control £50<BR>Cr cash control £50 Dr stationery £10 Dr bank £40
  • System
    System Posts: 100,534 🤖 Admin 🤖
    cash control accounts

    I just need to get my head round the software i think.<BR><BR>when i post a payment recd onto the customers account, i can see that the payment has been debited on the s/l cash control but cannot see where the credit has gone. any ideas?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    cash control accounts

    The credit will have been posted to the debtor's individual account or the Debtors Control Account, whichever way your system works.

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