Balance-Biz-help Business Hub
 Business-Hub  Accounting Guidance   Software   Help

Transaction Entries Intro

This chapter covers

  • Whatever business activities happens are called as Transactions. In this chapter we will become familiar to various transaction entries of businesses.

A] Inventory Vouchers

Inventory vouchers are used to maintain the records related to inventory. Examples of such vouchers are Sale Bill ,purchase order, sale order, Sales Return (Credit Note), Purchase Return ( Debit Note), Purchase Bill etc.
1) Purchase :
Entry Type
Use
Account effect
Stock effect
Purchase Order
It is used for making entry of the order which we want to give to our supplier.
No
No
Purchase D.C.
In this, We make entries of the goods we have taken from supplier on Delivery challan.
No
Increases
Credit Purchase
Used to make entries of Credit Purchase Bill
Yes
Increases
Cash Purchase
Used to make entries of Cash Purchase Bill
Yes
Increases
Purchase Bill from D.C.
In this, we make entries of Purchase Bill from which is taken from supplier on Delivery challan.
Yes
No
Purchase Against Order
In this, we make entries of Purchase Bill against the previously send order
Yes
Increases
Purchases Returns
If we return some of the purchased items to our supplier then we can make such entries in this type. it is also known as Debit Note.
Yes
Decreases
2)Sale :
Entry Type
Use
Account effect
Stock effect
Sale Order
It is used for making entry of the order taken by our customer for selling the goods.
No
No
Quotation
To make the quotation for goods.
No
No
Sale D.C.
Used to make entry of Delivery challan on which we give goods to our customers.
No
Decreases
Credit Sale
To make the entries of Credit sale bill
Yes
Decreases
Cash Sale
To make the entries of Cash sale bill
Yes
Decreases
Sale Bill from D.C.
Used to make entries of Sale bill which is made from the Delivery Challan.
Yes
No
Sale Against Order
In this, we make entries of Sale bill made from the previously taken order.
Yes
Decreases
Sales Return
In this we can make entries of the sold goods we get returned from our customers
Yes
Increases
3) Other :
Entry Type
Use
Account effect
Stock effect
Godown Stock Transfer
It is used for making entry of transfer of goods from one godown(warehouse) to another
No
Yes
Production
To make production entries of industry
No
Yes

B] Accounting Vouchers

1) Receipt

It is the entry of - Any type of amount received through Cash/Cheque/DD/Account-Transfer or by any other way.


2) Payment

It is the entry of - Any type of amount given/paid through Cash/Cheque/DD/Account-Transfer or by any other way. This may be expenses made, salary given to employee or amount given to any other party.


3) Journal Entry

It is the entry of - Any type of accounting transaction where you know the Debit and Credit side accounts according to accounting standards.


4) Petty Cash Book

It is the entry - where small non-accountable expense are noted under "Miscellaneous Expenses".


5) Debit Note

It is the entry - when credit note received by party (supplier), this will be our Debit Note.or where we debited the account of party.


6) Credit Note

It is the entry - when we credited the account of party (Customer) for the reason like discount given from dues receivable.


7) Contra Entry

It is the entry - When owner (Proprietor/Partner) withdraw money from cash or bank for his personal use apart from regular salary.


8) Drawing Entry

It is the entry - When owner (Proprietor/Partner) withdraw money from cash or bank for his personal use apart from regular salary.


9) Salary Payable

It is the entry - where we calculate and record the salary payable to the employee for a particular month.This is not entry of salary given to employee.

Balance-Biz-help

Question & Answer

Submit Your Question
Balance-biz

Balancebiz Exams / Terms & Privacy Policy / Our Mission

Copyright © 2019. All rights reserved | Design by Elinje Technosoft Pvt Ltd and Digital Marketing