Payments And Receipts Print E-mail
  1. Post payments from cheque stubs following the example below. Arrange purchase invoices not already filed in date order and write your cheque reference on each invoice.

  2. Use your last set of accounts to guide you when selecting categories for analysing expenses. These categories should be relevant for making business decisions.

  3. Post direct debits from your bank account statements in the same format. Use the bank statement page number as a reference.

  4. Add cash drawn in date order, and post a debit to a balance sheet cash control account.

  5. Your software will post an automated batch total credit to the bank control account, net debits to the individual expense accounts and a Vat batch total debit to the Vat control account.

Cheque payments


         

Date

Payee

Cheque number/ bank statement

page

Gross

£

VAT

£

Suppliers

gross

(VAT in supplier list)

£

Net

tools

£

Wages

(no VAT)

£

Note on VAT
Gross includes VAT. Net is before VAT is added on. If your business is not registered for VAT or there is no VAT due on the sale or expense, then VAT is ignored and net will be the same amount as gross.

Spot checks

  1. See the bank reconciliation menu tag at the bottom of the page.

 

Cash payments

  1. Post cash payments in a journal batch from a summary following the example below. Debit expenses and credit Arrange invoices in date order and write your own reference on each invoice such as "CP1, CP2" etc.

  2. The cash drawn would have been posted from the bank payments summary, and the amount of the cash left over is what should appear in your cash control account at the end of the year. If no cash is left over, then the cash control balance should be zero.

Cash payments


 

Date

Payee & reference

Cash drawn

Gross

£

VAT

£

Net cleaning

£

Net

cash

tools £

Train

& taxi

£

Spot checks
  1. Agree the cash control account to the physical count of cash in hand.

  2. Agree VAT batch total to VAT control account debit.

 

Receipts

  1. Post receipts from paying in books or bank statements following the example below.

  2. Receipts from the VAT authority should be recorded in the VAT column.  If VAT was included in the sales list, ignore VAT for that receipt in this summary.

Receipts

       

Date

Who from

Receipt number

Gross

£

From VAT office £

From customers

£

Spot checks
  1. Agree the total receipts to the batch total in the bank control account in the balance sheet section of the trial balance.

  2. Agree total VAT to the batch total in the VAT control account in the balance sheet section of the trial balance.

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