folio numbers, dates and other things for Unit 1 simulation
System
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I've been given a practice simulation, in preparation for an exam in a weeks time. There are a few things that I wasn't sure on. I will be discussing this with a tutor, but perhaps you can help me too.
First, I'm not sure how to date receipts received through the BACS system, in the cash book receipts. They were paid into the account on 7-Feb, but I'm entering them today (12 Feb), which may be the day that the bank statement was received. Which date do I put?
Also, the Cash Book Receipts has a folio column. Should this be the folio number of the appropriate Sales Day Book, or the number of the invoice being paid, or something else?
Finally, I have to record a bounce cheque (return with reference Refer to Drawer). Do I enter it into the Cash Book Receipts as a minus or as I suspect, into the Cash Book Payments side? Also, the issues with date and folio apply here also.
First, I'm not sure how to date receipts received through the BACS system, in the cash book receipts. They were paid into the account on 7-Feb, but I'm entering them today (12 Feb), which may be the day that the bank statement was received. Which date do I put?
Also, the Cash Book Receipts has a folio column. Should this be the folio number of the appropriate Sales Day Book, or the number of the invoice being paid, or something else?
Finally, I have to record a bounce cheque (return with reference Refer to Drawer). Do I enter it into the Cash Book Receipts as a minus or as I suspect, into the Cash Book Payments side? Also, the issues with date and folio apply here also.
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