There is a distinction between three types of transaction, even if the three
terms are not used in the day-to-day bookkeeping.
- Purchase Transaction is when you buy a product or a service
- Sales Transaction is when you sell a product or a service
- Payment Transaction is when you settle your account with a supplier, when
a customer pays you, or when you transfer money from one bank account to
another.
If a purchase or sales transaction is made in cash, a payment transaction is
part of that transaction. Oppositely, if the transaction is made on credit, the
subsequent payment transaction is an isolated transaction as it is made later.
One of the reasons for making a distinction between the three types of
transaction is that the requirements for vouchers differ.
- Go to next business issue: Purchase Transaction Voucher
Download free templates
- Download templates to help your start-up
Copyright © 2009 Dynamic Business Plan 07-02-2012
|
|
