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What Are Receipts?

Receipts are amounts received by a business. Receipts may come from cash sales, goods and services, payments from people to whom you sold goods and services on credit, interest received on money invested, loans from accounts or other parties and money that the owners of the business put in from their own resources. Receipts may be in the form of actual cash, cheques or credit card.

Entering Receipts In To The GSTJournal

Omit the GST relevant parts of what follows if you are not registered for GST.

Insert the date of the transaction (optional) and date the receipt of payment actually occurs, the name of the customer or person from whom the money is received and the receipt number (if issued) in the appropriate columns. The debtor code is optional but if inserted will allow a dissection by debtor in the debtors summary.

If recording the name of each customer is not practical because of the number of transactions, a different narration such as "Day's Receipts " or "Invoices xxx to yyy" could be used instead of listing each individual customer. Remember however, that in the event of a tax audit, the auditor will want you to verify your records to your invoices (or cash register tapes).

If you are registered for GST then proceed to fill in the GST columns first.

When filling in the GST columns it is important that you make the right GST decisions and to help you we have developed a graphic GST decision tree. The BAS will only be correct if the GST columns have been correctly entered. The error flags provided at the extreme left of the spreadsheet will indicate whether you are right or not.

A transaction is either an account (eg bank) or cash column entry and this is determined in a special indicator column headed up Transaction Type. When something is sold until it is paid for it is accrued and accruals can me flagged by using the date of transaction data entry field. When the good or service sold is paid for use the date payment column to show this. The totals in either the accrual column, account or cash column equal the sum of the individual payments included in the various dissections columns and the GST column.

If a cash receipt is received mark the relevant transactions by entering a "C" or "c" in the transaction type indicator column will cause the transaction to appear in the cash rather then account column.

Enter all receipts as positive in the Amount of Debit or Credit column.

At The End of The Month or on a Regular Basis

Check your account statement to find any receipts shown on the statement but not written in the cashbook.  Examples are bank charges and interest and amounts transferred from other bank accounts. Other examples include payments made directly from the bank to pay for loans, leases or perhaps insurance. Write any such receipts found into the cashbook.