posting accounts

Postby tt » Thu Jan 24, 2008 10:25 pm


Ive been helping a treasurer sort out some book keeping I have been posting different things in to there own account to help make sure the trial balance is right

I'm trying to remember about the cash from all sources

when he's been given 10 cheques and 100 cash does this get record as cash £100 plus the cheques, then post the cheques and any cash to the bank ,
Can anyone say if i'm on the right lines
Dr Cr
cheques £££
Cash £100
bank £££

thank you for any reminders
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Simply Build It

Postby roger196 » Sun Feb 10, 2008 7:37 pm

When £100 of subscriptions are received in cash, the entries are
Dr cash a/c 100
Cr subscriptions a/c 100

When 150 of subsriptions are received by cheque the entries are
Dr bank a/c 150
Cr subscriptions a/c 150
If the entries are correctly made, the total of the debits should equal the total of the credits. Try to reconcile your accounts regularly as this will narrow the window of where to look for the inevitable errors.
Remember the debit side of the bank account is when you have money in the bank. This is the opposite way round to your bank statement which will show this as a credit balance in their (the bank's)books. This is because from the banks point of view, they owe you money which is a liability.
Get yourself an o-level accounting book, like Frank Wood
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