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At A/c Entry, the highlighted area consists of the Accounts Receivables(Customer) sub-modules
Customers may be an individual or corporate entity that purchases (your sales of...) goods and services from your company.
You may want to maintain the customers' profile in your system for
1) accounting record keeping purposes
2) for information purpose only, with no accounting entries posted to these accounts
Under situation 1) when you issue your invoice on credit terms (for goods and services delivered), you need to enter into the Sales Journal to recognize as current asset (Trade Receivables) of goods sold and/or services rendered. (Accrual basis accounting) The double entry would be to
- For service invoice , sale invoice entry to debit the customer
Full settlement, partial settlement, advance payment, with discount, bank charges, contra
1. For additional charges that is not part of business activities, example bill on behalf , freight borne by customers
2. For adjustments to customer's balances, (reversal of credit balances, cents adjustments)
3 Audit adjustments.
1. For rebates, discounts allowed
2. Adjustments to customer's balances (Provision of Bad debts, cents adjustments)
3. Audit adjustments (Write off, write down)