CashBook.

[pmboulst]

Hi people,<BR><BR>Did my exam yesterday and all was going great until I hit the Cashbook. The paying in slip has to equal the total receipts on your cashbook right? But mine doesn't. It's out by the exact amount of the BACS transaction. Does this mean that BACS don't go on the cashbook? It's just I'm sure my tutor told me they did a couple of weeks ago. Any advice will be greatly received and a free drink to anyone that can help me !!!

[hellonwheels2]

Hi!!<BR><BR>A Cashbook is precisely that - for cash only! Imagine you are going to the bank to pay in cash and cheques - the cashbook would be a record of those transactions only.<BR><BR>BACS are completely separate as they go straight into the Bank account. They would only touch your Bank T-Account. <BR><BR>Hope this helps!<BR><BR>Helenx<BR><BR>P.S. Offer of drink greatly received, unfortunately i don't drink, so help yourself to mine :D

[pmboulst]

Thanks for that. That's what I thought but needed to double check before tonight. Surely you must drink something? I'll be happy to buy you a lemonade anytime you like. You can get me on pboulstridge@hotmail.com and I'll send you an e-voucher for any spa in the world<BR><BR>Thanks again

[hellonwheels2]

Hi! <BR><BR>Hello again :)<BR><BR>Well i do drink a nice Black Jack....mmm, could do with one right now actually! <BR><BR>You are a very kind person, however i think this forum was set up for non-chargeable advice. <BR><BR>Bless you!<BR><BR>Helenx<BR>

[bluewednesday]

I have to say that I have always put BACS payments into the cash book as they are going in to the bank account and are settling a debt. If they don't go into the cash book where else do they go to clear off the customers account?<BR><BR>Probably just different ways of doing things I guess.<BR><BR>Annette

[hellonwheels2]

Hi Annette<BR><BR>I guess you could do it that way. But i would tend to do <BR>Dr Bank account <BR>Cr Customer account.<BR><BR>My understanding is that Cash book is purely for cash/cheque transactions....<BR><BR>

[bluewednesday]

I was looking at it as a book of prime entry which you would post and you can't get the bank bacs payments in any other way.<BR><BR>As I said, different people do things different ways!<BR><BR>Annette

[michelle001]

yes i would enter the BACS payment into the cash book too.

[Mandy001]

me too - otherwise what would you reconcile to?<BR><BR>Mandy

[bluewednesday]

This one has really got me thinking, the only time I wouldn't put BACS into the cash book is if there was a bank book or bank sheets. This is quite rare and is really only applicable to a big company, I think.<BR><BR>However having said all this it seems odd that it was out by the BACS transactions, is it for a devolved? If so let us know what the answer is.<BR><BR>Annette

[pmboulst]

Well this is great. I'm scared out my wits end now. It was for a devolved and I left it out. Nothing I can do about it now but fail yet again !!!!<BR><BR>:'(

[bluewednesday]

You wouldn't fail, it would be a correction, don't worry.<BR><BR>Annette