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A.H.

Cashbooks Receipts cash/card/eft payment processing

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If a customer pays for services and products by EFT / CASH / CARD and it is a balance forward customer and not an open item customer, 2 entries need to be made in the receipts side of the cashbook as I understand it. One with the customer account with payment thank you in the description, say for R100. And one with a CASH account for either cash or card with the customer's name in the description for a negative amount of R100.

My question is, where do I create these cash accounts? Would EFT also fall under cash? And where do I go to view the entries that I made to see if the customer now has a, say, zero amount on his account and that the cashbook entries that I made reflects? How would I check that the bank amount at the top right side of cashbooks is correct after posting payments and receipts?

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  • +1
    verified answer

    Hi A.H,

    I wanted to clarify that the processes for balance forward and open item customer cashbooks are the same. There is no need to perform a double entry; you only need to record one transaction on the receipt side when you receive money.

    Both EFT (Electronic Funds Transfer) and CARD transactions (Cash Account Electronic Receipts) are handled identically in the cashbook, as both represent funds already available in your bank account. Cash refers to the money you have on hand that has not yet been deposited into the bank.

    You can record a cashbook receipt for cash once you deposit it, and this entry should be made in the same cashbook.

Reply
  • +1
    verified answer

    Hi A.H,

    I wanted to clarify that the processes for balance forward and open item customer cashbooks are the same. There is no need to perform a double entry; you only need to record one transaction on the receipt side when you receive money.

    Both EFT (Electronic Funds Transfer) and CARD transactions (Cash Account Electronic Receipts) are handled identically in the cashbook, as both represent funds already available in your bank account. Cash refers to the money you have on hand that has not yet been deposited into the bank.

    You can record a cashbook receipt for cash once you deposit it, and this entry should be made in the same cashbook.

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