Desperate Help Needed with Unit 1 RIAR - Cash Books

System · February 2005

Hi all, Can someone please help me with this? The question I have is - Is a 'Cash Receipts Book' the same as a 'Cash Book' receipts side? If so why do they look completely different in the book and in the Practice Simulation? The problem I'm having is I don't know what to do with some of the column. Like what do I put in the Details column? Is it the reference to the actual sale e.g. the invoice number or the details of the receipt like the cheque number? Or something completely different? Ref Column, what goes in here? The reference to the Sales Day Book or something else? Customer account column? Now I have either been asleep when this bit was in the book or IÃ¢??m missing the point completely either way itÃ¢??s beginning to stress me out. What goes in this column? I have no idea whatsoever. It is really doing my head in now and I need to get it posted out by Monday so that I can sit the actual simulation by Tuesday. Any advice on the actual Simulation for unit 1 Recording Income and Receipts (RIAR) would be very useful, how similar is it to the practice one? And is there anything that is not covered by the practice one? It really gets my back up when what you are taught in the book and then what you see in the test are different. I can see that this whole AAT thing is going to be an uphill struggle. So any help will be really appreciated. Many thanks Nick

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Hi Nick The cash receipts book is the debit entry of the cash book. Depending upon the company you work for it can be either a separate book which is transferred over to the cash book, or it can be incorporated with the complete cash book which has both debit and credit entries. The details column can hold the name of the customer who made payment to you, I don't suppose it would matter if you could also fit the cheque reference number in, it would make it easier when it came to doing a bank reconciliation. Personally I have always written the Customer Name and the Invoice No in here. The ref column holds either the sales ledger account code (if applicable), ie you have 50 accounts in your sales ledger and account No 14 has made a payment to you so you put SL14 (Sales Ledger 14) in the ref column, so that you can cross reference it to the appropriate debtor account in the sales ledger. I'm not 100% sure about customer account column in the cash book. In Sage the customer account is the unique name to which you call up each account, eg a customer such as A Jones Ltd, might be referenced as AJLtd. (Not sure which book you are using to look at the diagram you are referring to). Let me know which book you are using, and I will try and help further. And don't panic! Tracy

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Hi Tracy, In the book (FTC - Receipts, Payments and an Initial Trial Balance - Units 1, 2 & 3) the layout is like this: CASH RECEIPT BOOK Date Narrative Reference Total VAT Debtors Cash Sales Discount Allowed In the Simulation Practice the layout looks like this: MAIN LEDGER 1000 CASH BOOK CB 38 RECEIPTS Date Details Ref Receipt Ã‚Â£ Discount Allowed Ã‚Â£ Customer Account Ã‚Â£ Subsidiary (sales) Ledger Code As you can see the two look completely different, it's a real pain as I'm trying to get this finished so I can post it tomorrow (Monday 14th) and I have gone over all my notes, scoured through the books I have and have found nothing that resembles what I'm supposed to complete. Many thanks for any help Regards Nick

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Hi Nick Well I don't have that book as I have Osborne Financial Accouting Tutorial 2nd Edition and BPP Foundation Course Companion Units 1-4. However, not sure what you mean with your main ledger 1000 cash book cb 38 (must admit I'm tired as kids have gone mad all day!-let me know so that my puny brain can compute the information!), but the 2 layouts you have referred to seem pretty similar albeit in a different order; I'll refer to the differences comparing your 2nd example to the first. Obviously dates are self exlanatory Narrative is the same as Details Ref is the same on both Receipt is the same as Total Ã‚Â£Disc Allowed is the same as Disc Ã‚Â£Customer Acc - Not 100% Sure but would assume you either enter an amount in here from the customer Ã‚Â£Subsidiary - Or in here if the amount is not from a customer (ie bank interest paid/income from a vehicle sale etc-giving the subsidiary column a name ie bank interest/vehicle account etc) Sales Ledger Code - Again this will be the code set up for each customer in the Sales Ledger Control Acc I hope I'm not waffling, let me know if this makes sense! Tracy

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Hi Tracy, Thanks for reply again, I agree with your explanation of the similarities, the one I'm having problems with is the 'Customer Account' I'm not sure if this is supposed to show the net of what they paid? the amount they still owe in their account, if it's the same as Debtors Cash Sales or if I'm missing the point altogether. It is getting rather late and I think my chances of completing this tonight are dwindling, problem is I can't do it tomorrow and I'm supposed to be doing the actual simulation on Tuesday which I'm very uncomfortable doing at this precise moment in time. Thanks for all your help. Regards Nick

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Nick Does the heading "Customer Acc" have a Ã‚Â£ sign on it or not, as I couldn't tell exactly from your description. If it doesn't I think I can help. otherwise I must admit it is rather unusual to any I have ever seen. Tracy

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Hi Tracy, It does have a Ã‚Â£ with it yes, this is what is puzzling me, this is supposed to be for the cheques and cash received for invoices I also have to fill it out for the (BACS) automated bank payment too. So why would you need a reference to the customer account on it? Man I only get 3 hours to do this and I've spent about 8 trying to figure this blasted question out. Think I'll quit and go run a pub

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System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Ok Nick, Last ditch attempt tonight before I fall asleep at my keyboard. How about the following; Suppose a customer (T Lewis-aka me) Account No TL1 was invoiced for Ã‚Â£100 on Inv No 21, and offered a settlement discount of 10%. They paid today (13th) with cheque No 123, the following would be entered; Date Details Ref Receipt Disc Customer Acc Customer Code Ã‚Â£ Ã‚Â£ Ã‚Â£ 13 T Lewis Inv 21 Chq 123 90 10 90 TL1 Let me know your thoughts before I sign off tonight. Cheers Tracy

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Bottoms, I can never get my figures to line up in here, I was trying to point out that the customer acc column would show the amount the customer had paid less the discount, hope it made some sort of sense. Tracy

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Many thanks Tracy, I'd has enough last night so will look at it agian today if I get time. If not I'm sitting tomorrows simulation a little less than confident. Thanks for all your help. Nick

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Just a point - If you are using FTC books arent the answers in the back??

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

If you have a total column and a customer account column and disc allowed column, just make sure that the customer account column is the amount paid (which is the same as the total column) and then make sure you use the disc allowed to note the amount of discount allowed. This is for when you post to the T accounts - The Customer Account column and the Disc Allowed are both posted to the Customer accounts and the disc allowed T account. This way the T account for each customer says the amount paid and the disc allowed which would then add up to the invoice amount on the customer account making them equal. Hope this helps - i know you dont have much time now before your real one - I am online all day if you need some last minute help. Amanda amandahanks@hotmail.com - for msn messenger!

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Hi Amanda Tracy here, I think that you have just clarified the point I eventually made last night!! It's difficult when people are using different points of reference but I must admit it was kind of fun trying to sort out the problem, and its also reassuring when someone else can confirm your answers. I'm sure Nick will be pleased. On a separate note are you the Amanda with the MSN foundation group website? If so you suggested I look at your site for portfolio help, however I'm obviously a bit of a duffer as although I have joined the group I cannot find portfolios, can you point me in the right direction. Cheers Tracy ps GOOD LUCK NICK!!!!!

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Tracy Yes I am the same Amanda - lol Try http://groups.msn.com/aatfoundation/documents.msnw?fc_p=/Help Notes&fc_a=0 If that doesnt work - go to study documents - then documents under it - then to help notes/sheets and then Portfolio!!! Let me know if you cant get on - I will go into MSN chat on the foundation site - in case you cant find it!! Amanda

System · February 2005

Desperate Help Needed with Unit 1 RIAR - Cash Books

Thanks Amanda & tracy for all your help, I'll feel a little better when doing the actual sumulation now. Many thanks Nick

Desperate Help Needed with Unit 1 RIAR - Cash Books

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