90% of all entries which we have to pass are either for Expenses or incomes
|
Entries For Expenses |
Entries For Incomes |
|
When Invoice Received Expense Dr To Party
When Payment Made Party Dr To Bank/Cash
|
When Invoice Issued Party Dr To Sales/Income
When Amount Received Bank/Cash Dr To Party |
|
Party is normally our Sundry Creditor |
Party is normally our Sundry Debtor |
|
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) |
