Create an account
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
this includes money (notes and coins), cheques, money orders, direct deposits into the bank and EFTPOS transfers
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
cost of goods sold
this entry is still completed in the general journal when a cash sale is recorded
these sales transactions are shown separately and entered directly into the bank column of the cash receipts journal
this column of the cash receipts/payments journal records all receipts/cheques that do not have a separate column allocated to them
this column of the cash journals identifies the account other than the bank account affected by the transaction
the total of the credit columns (dissection columns) and the total of the bank column in the cash journal should have this state
these include cheque butts (or copies of cheques), bank statements, direct debit authorisations and credit card vouchers, money order slips
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