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90% of all entries which we have to pass are either for Expenses or incomes
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Entries For Expenses |
Entries For Incomes |
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When Invoice Received Expense Dr To Party
When Payment Made Party Dr To Bank/Cash
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When Invoice Issued Party Dr To Sales/Income
When Amount Received Bank/Cash Dr To Party |
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Party is normally our Sundry Creditor |
Party is normally our Sundry Debtor |
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We can also skip party and do directly Expense Dr To Bank/Cash (This is for small payments) |
We can also skip Party and do directly Bank /Cash Dr To Sales/Incomes (This is normally for Cash Sales) |
