Specialised cash journals

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Terms and definitions from Greig et al, Accounting Concepts and Applications, VCTA, South Yarra, 2008 (Chapter 3, Part 1, RC1 Accounting for Cash)

cash receipts journal

classifies like items together and acts as an aid for posting to the ledger by analysing cash receipt transactions into their debit and credit components

cash payments journal

classifies like items together and acts as an aid for posting to the ledger by analysing the transactions into their debit and credit components

cash

this includes money (notes and coins), cheques, money orders, direct deposits into the bank and EFTPOS transfers

cash receipts

these source documents include receipt (duplicate), sales dockets, CRS (cash register slips), debit and credit card vouchers, ref numbers from phone and internet banking, bank statement information

gross

this means GST is included

net

this means GST is excluded

cost of goods sold

this entry is still completed in the general journal when a cash sale is recorded

debit

the bank column in the cash receipts journal is posted to this side of the ledger account

date order

transactions in journals are entered in this order

EFTPOS sales

these sales transactions are shown separately and entered directly into the bank column of the cash receipts journal

BS

stands for Bank Statement

EFTPOS

Electronic Funds Transfer at Point of Sale

other

this column of the cash receipts/payments journal records all receipts/cheques that do not have a separate column allocated to them

particulars

this column of the cash journals identifies the account other than the bank account affected by the transaction

equal

the total of the credit columns (dissection columns) and the total of the bank column in the cash journal should have this state

cash payments

these include cheque butts (or copies of cheques), bank statements, direct debit authorisations and credit card vouchers, money order slips

credit

the bank column in the cash payments journal is posted to this side of the ledger account

cheque number

source document for the cash payments journal

end of month

the date the cash journals are totalled

specialist

the cash receipts and cash payments journals are known as this type of journal

bank charges

this expense is realised in the bank statement and identifies fees charged by the bank for operating a cheque account

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