Receipt - Others

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Other than receiving payments from customer, there are instances where money are deposited from other general sources, i.e. non-customer related bank in.

: When money deposited into the bank is not from customers but from other sources

 


 

At chart of accounts, modify the accounts name....        click here

 
  Follow the steps from [1] to [7]
       

 

 

 

At [A/c Entry], click [Receipt]

 

 

Click [Others]

.

Example 1: Initial share capital...Click here...

Assuming each share holder put in $80,000 as initial paid up capital
 
Share capital of Mr A

 

COA

Debit

Credit

Bank                

D-B001-1

80,000.00

 

Share Capital - A

H-S001 -1

 

80,000.00

Share capital of Mr B

 

COA

Debit

Credit

Bank                

D-B001-1

80,000.00

 

Share Capital - B

H-S002 - 1

 

80,000.00

 

Step 2   Follow step [1]  to [7]  as shown below.

 

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Example 2 : Loan from director...Click here...

 

COA

Debit

Credit

Bank                

D-B001-1

50,000.00

 

Owing to Director - Mr A

F-O002-1

 

50,000.00

 

Step 2   Follow step [1]  to [7]  as shown below.

 

.

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Example 3 : Refund of GST.........Click here...

Assuming last quarter your input tax is more than your output tax, and your balance sheet [GST receivable] show an amount $5,202.00

On the 8th Feb 2020 , you received the GST refund from IRAS-GST        

 

COA

Debit

Credit

Bank                

D-B001-1

5,202.00

 

GST Receivable

D-G098-1

 

5,202.00

Step 2   Follow step 1 to 7  as shown below

 

   

                GL ledger report will be as per below
 
                   
 
            (See payment to GST)

                                                                                ---Back to top----

Example 4: Refund of expenses or payment ...Click here....

Assuming you had earlier paid a $3000 for an air ticket under travelling expense account and there is a refund due to cancellation.

 

COA

Debit

Credit

Bank                

D-B001-1

3,000.00

 

Travelling Expenses

O-T003-1

 

3,000.00

 

Step 2   Follow step [1]  to [7]  as shown below

 

   
                                                                                                       

Exampe 5: Received in advance from a customer in foreign currency

 
On 1st Nov 2021, you received USD10,000 from a customer at a rate of 1.3400. You credited the account [F-O003-1] as other creditors and debit the USD bank. (See below)

     

On the  5th Nov 2021, you raised an invoice to bill the customer [Rhodes] USD20,000 @ 1.35000

     

At the same time, you will raise a Credit Journal (on the same date as the sales) to reverse out the other creditors of USD10,000 with same exchange rate as the sales

       

At the [Receipt] module, select the customer id, set the bank fast code as [contra] to offset the invoice against the Credit Journal.

       

 

Exampe 6: Bank Rebate...Click here

    Assuming your bank give you a $0.50 rebate

 

COA

Debit

Credit

Bank                

D-B001-1

0.50

 

Other Income

K-Z001-1

 

0.50

 

         

 
                                                                                                       

Exampe 7: Sales proceeds from disposal of Fixed Assets...Click here

    Assuming you dispose off your fixed asset at $250.00

 

COA

Debit

Credit

Bank                

D-B001-1

250.00

 

Sales Proceeds from Disposal

D-C099-1

 

250.00

 

 

 

 

 

         

 
                                                                                                       

Exampe 8: Rental Deposit - Payables...Click here

    Assuming you rent out your office space in a commercial building and you collected a rental deposit from your tenant being 2 months of rental deposit and to be refunded when the rental expires

 

COA

Debit

Credit

Bank                

D-B001-1

24,00.00

 

Rental Deposit - Payable

F-R001-1

 

24,000.00

 

 

 

 

 

     
 
 See Rental deposit - Receivable

                                                                                                   

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Continue with the topic Receipt - Customer  or Customer Debit Journal

 


Related Topics

Receipts

 

Receipt- Customer

 

Bank Reconciliation

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Refund of Rental Deposit

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