Cash Sales

Cash sales are normally handled in one of three ways:

Direct Deposit Sales

When a sale is made by direct deposit, the sales account(s) corresponding to the item(s) sold are credited, and the bank account is debited.

Cash Drawer Sales

When a sale is made using a cash drawer, the sales account(s) corresponding to the item(s) sold are credited, and the cash drawer account is debited. Periodically, you deposit the cash/checks received and enter a corresponding transaction to credit the cash drawer account and debit the bank account.

Miscellaneous Customer Sales

When sales are made to customers for which there are no specific accounts receivable accounts, but you want the ability to track the sales by invoice reference, and the ability to easily identify these customers, you set up an accounts receivable account for miscellaneous customers. When a sale is made to one of these customers, the sales account(s) corresponding to the item(s) sold are credited, and the miscellaneous customer account is debited. Periodically, you deposit the cash/checks received from these customers and enter a corresponding transaction to credit each of the items in the miscellaneous customer account and debit the bank account.


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