pub book keeping sales journal, opening cash in transit, cash expenses

UK Discussion in 'Exams and Studying' started by Wye knot, Sep 18, 2018.

  1. Wye knot

    Wye knot

    Sep 18, 2018
    Likes Received:
    Hello I am in the process of completing an assessment for a book keeping vacancy. I have bank statements, invoices, wages summary also a
    daily sales summary divided into drink, food, tips on cc, Total credit card, cash, voucher, discount, Total banked

    My queries I am using quickbooks premier 2018 software

    How do I deal with the opening bankings which were cash in transit from previous period, I have no opening balance on undeposited funds? When reconciling do I just show as a discrepancy?

    I have a bank account, and cash control account. Do I make cash payments from the cash control account? I originally used an undeposited fund account but opened a new cash account into which I pay all the takings, paying over deposits to the bank account as shown from the bank statements - should I use this account for cash payments or thirdly would you set up a petty cash account to pay the cash expenses.

    Also I need to complete a sales journal.
    They have given me a summary as follows :- Dr. Debtors CC x
    Dr Cash
    DR debtors chq
    Cr, Sales - drink
    Cr Sales - food
    Cr Tips on CC
    Cr Vat
    Dr discounts

    What would be the entries for a sales journal. I have recently passed my final book keeping certificate and this assessment has been much harder, even though I have completed a Quickbooks training course. Any advice would be appreciated.

    Wye knot, Sep 18, 2018
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