1.3.1: How to Post Opening Balance of Customers.3 Views •
1.3.2: How to Post Opening Balances for Suppliers.3 Views •
1.5.4: How to Record Cash Transactions and Reconcile Journal Entries.3 Views •
1.5.2 How to Record Transactions and Reconcile Journal Entries.2 Views •
1.5.3.How to Reconcile Journal Entries.2 Views •
1.5: How to Create a Bank Statement.2 Views •
1.4: How to Create Bank Account2 Views •
1.6.2: How to View Tax Report.2 Views •
Overview1 Views •
1.1: How to Create a Journal.1 Views •
1.4.1: How to Create Bank Opening Balance.1 Views •
1.2: How to Create a Chart of Accounts.1 Views •
1.5.1: How to Record Transactions in a Bank Statement.1 Views •
1.3: How to Create Journal Entries.1 Views •
Overview0 Views •
3.6.1 Receipts0 Views •
2.4.2: How to Register Payments.0 Views •
2.3.4: How to Create a Backorder.0 Views •
3.1: Valuation Based on Number of Quantity of Products.0 Views •
2.5: How to Return Purchased Goods.0 Views •
How to record transactions in a bank statement.
We record transactions such as withdrawing money from any of the company bank accounts or when we receive money in our bank accounts. Such transactions are paying suppliers, receiving payment from customers etc.
Suppose you withdraw money from the co-operative bank account for purpose of operating the petty cash, record the transaction as follows:
Step 1. In the accounting overview, open the statement of your bank in this case, Co-operative bank and fill in the details as shown below i.e. In the accounting overview, open the statement of your bank in this case, Co-operative bank and fill in the details as shown below. E.g. -20,000 for our case. -ve because you are removing money from the account
N.B: The label will appear on all account reports related to this entry.
If the transaction adds money to the bank account, just type the amount as shown below. +ve because you are adding money to the account.
N.B: for the label as shown below, indicate the label when either of the situations occurs otherwise leave it blank.
Select a supplier when you will be paying them their payment or refunds.
Select a customer when receiving payment from them or when refunding them.
For the purpose of withholding tax.
When paying salaries/wages.
Withdrawing of depositing in directors funds.
Next: How to record transactions and reconcile journal entries