Recording Sales & Payments
Posted by Steven in Recording Payments, Recording Sales
Customer sales usually organize from sales journal. However , depending on the relative sophistication of the accounting system , the information date of transaction, customer name and account number, item purchased, amount, and payment terms . Credit sales are summarized to the appropriate sales accounts. Aggregate sales for the 
designated period are then entered into the customer transaction sub ledger account. Finally the sub ledger and sales accounts are posted in batch form to the appropriate general ledger account. And the original invoices. Those are filed for the future use if necessary. When it comes on recording payments, usually made by check, it’s important that all amounts match, the sub ledger listing, any receipt given to the customer and the bank deposit. Sometimes customers help by sending along the invoice stub that’s been issued, making matching to the sub ledger easier. But often they don’t, which means careful matching is important
designated period are then entered into the customer transaction sub ledger account. Finally the sub ledger and sales accounts are posted in batch form to the appropriate general ledger account. And the original invoices. Those are filed for the future use if necessary. When it comes on recording payments, usually made by check, it’s important that all amounts match, the sub ledger listing, any receipt given to the customer and the bank deposit. Sometimes customers help by sending along the invoice stub that’s been issued, making matching to the sub ledger easier. But often they don’t, which means careful matching is important
