control accounts!!!!!!!!!!!

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:23AM in AAT student discussion
hi everyone,,<BR><BR>could do with a little help on a few things if anyone would care to help me kick start my numb brain..<BR> <BR>Q. does the balance on the bank statement get entered into the purchase ledger control account??<BR><BR>im 50% sure that it doesnt because on the task i am doing if i put it into the puchases ledger control account it messes up my trial balance. which is otherwise ok.<BR><BR>i have noticed a bank entry in the control accounts for sales and purchases and have hit a brick wall in trying to find where this comes from..i think it may be payments to creditors? not entirely sure though.<BR><BR>thanks <BR><BR>rob<BR>

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

    Hi Rob<BR><BR>You're 50 % right <img src="i/expressions/face-icon-small-smile.gif" border="0">. The balance on the bank statement doesn't get put into the ledgers at all. Statement entries not already recorded in the cash book get entered in to update the cash book when doing a bank rec but that's all.<BR><BR>'Bank' entries in the sales control a/c will be (total) receipts from credit customers (debtors), in the purchases control a/c they will be payments to credit suppliers (creditors) - these are the double entries for the payment/receipts totals in the cash book (or 'bank' T account if used). <BR><BR>Hope that helps.<BR><BR>Chris<BR><BR>

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