Receiving payments – lesson 4

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Receiving payments is a key part of CONTROL ACCOUNTS, JOURNALS and the BANKING SYSTEM course

You are part way through the CONTROL ACCOUNTS, JOURNALS and the BANKING SYSTEM course and you should have read the pages listed below before reading this page:

Welcome to Receiving Payments.

It is important as an Accounting Trainee or Bookkeeper that you understand the practicalities of receiving and recording payments . You need to be aware of the many different ways in which money is received by a business:
-BACS transfers
-Credit Card and Debit Card transactions

Recording Payments by Cheque
Accepting Cheques

The Accounting Trainee should know what checks to undertake to ensure that the right amount of money is received, from the right person and that the money is recorded correctly.

Receiving and Recording cash is another important aspect of the accounting trainees job, as cash is often a target for theft!

Accounting examiners will expect you to:
-analyse a cash sales receipt
-calculate a float in a cash till
-identify errors on cheques
-identify a remittance advice
-explain what is meant by chip and pin
-explain what is meant by MOTO
-explain the differences between the drawer and payee of a cheque
-differences between a debit card and a credit card
-understand what is meant by a dishonoured cheque
-define and prepare cheques and paying-in slips
-define a bank draft
-know what is meant by EFTPOS

The link to Amazon for the recommended reading on Receiving  payments is:

Now lets test your knowledge of receiving payments – go to the test below.


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