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21 terms

Specialised cash journals

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