There are many types of payment transactions. Payment Transactions - other
than purchase or sales transactions - include:
- When your customers settle their credit sales invoices
- Similarly, when you pay your supplier at a later time than on delivery
- When making bank deposits (cash)
- When paying installments on your bank loan
Only registered under assets or liabilities
Common for these examples are that, contrary to purchase and sales transactions,
they do not set off an entry on a purchase, cost, or sales account. It is
because they have already been registered on these accounts.
Payment transactions only set off entries on balance sheet accounts under assets
and liabilities.
The bookkeeping of payment transactions does not require an original voucher
(nor a copy of your own sales invoice) - just some sort of verification of the
transaction.
Copies of receipts
Vouchers of payments received from customers could be copies of receipts you may
have produced. It could also be an entry on your bank statement, or maybe just
an entry in your cash book.
Vouchers for payments made, which are not purchase transactions, are typically
just carbon copies of cheques, entries on a bank statement, etc.
- Go to next business issue: Salary Entries and Records
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| afzal hussain, SAUDI ARABIA |
10-02-2011 |
ACCOUNTS PAYABLE MANAGER FOR 12 YEARS
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Copyright © 2009 Dynamic Business Plan 07-02-2012
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