Recording tscns Flashcards
where is a sales invoice recorded?
sales day book
where is a credit note recorded?
sales return book
where does a payment from a customer get recorded? ie Remittance Advice
cash book (receipts side)
where does a Purchase invoice get recorded?
Purchases Day Book
Where does a supplier’s credit note get recorded?
Purchases Return Day Book
Where does payment to a supplier get recorded?
Cash Book (payments side)
Do cash sales go in the Sales Day Book?
No, only credit sales are recorded in the Sales Day Book
Do returns go in the Sales Day Book?
Unless very volume - they should be recorded in the Sales Returns Day Book.
Why is VAT shown separately in the Purchases Returns Day Book?
Because you will not be able to claim this VAT back from HMRC.
Where do you record the cash sales of a business?
perhaps first in the remittance list, eventually in the Cash Book.
BACS
Bank Automated Clearing Service
EFTPOS
Electronic Funds Transfer at Point of Sales
CHAPS
Clearing House Automated Payment Service
FPS
Faster Payment Service
