Posting Receipts
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I was wondering if I could get a bit of help in understanding a question I have which involves posting receipts from information given in a paying in slip.....<BR><BR>There are credit card card slips, general cheques and vheques received from credit customers.<BR><BR>I know that I have to credit each supplier account with the amount paid, but do I then debit the sales account for the total amount and credit the debtors control account?<BR><BR>I am a bit more unsure of what to do with the general cheques and credit card slips - do I just debit the sales account and credit the debtors control account?<BR><BR>I'm just looking for a bit of reassurance really. If anybody could help out with some advice it would be much appreciated.<BR><BR>Thanks<BR><BR>Sadi
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Posting Receipts
Hope I get this right <img src="i/expressions/face-icon-small-smile.gif" border="0"><BR><BR>For credit customers you're right to credit the individual debtors accounts and credit the debtors control account. You don't record payments in the sales account but as a debit the cash book. Remember, the cash book is part of the double entry system and this provides the balancing entry. All payments into the bank should appear as a debit in the cash book.<BR><BR>For 'cash customers' the transaction should be entered in the debit side of cash book and the VAT calculated if required. You should then credit the sales and VAT accounts.<BR><BR>I almost sound as though I understand this, I must have learned something from the foundation course!<BR><BR>Hope this helps anyway<BR><BR>Chris0 -
Posting Receipts
Chris is right.<BR><BR>Don't forget the sales would have been credited when the invoice was posted originally.<BR><BR>Annette0 -
Posting Receipts
Thanks Chris and Annette - hope this helps me to answer the question!<BR><BR>Thanks again - Sadi :-)0