Processing customer transactions is a key part of the processing bookkeeping transactions course and Accounting Trainees must know the procedures involved.
You are part way through the FREE processing bookkeeping transactions course and you should have read the pages listed below before reading this page:
Welcome to Processing customer transactions.
The previous lesson introduced you to double-entry bookkeeping, this is a major topic and bookkeepers spend a large part of their time using double-entry. Of course with computerised accounting packages such as Sage and Quick-books , only a single-entry is made, the computer does the double entry for you – saving the bookkeeper or Acccounting Trainee vasts amount of time.
In this chapter we are going to look at how we account for Processing customer transactions and the entries made in the books and accounts to record the monies received.
As an Accounting Trainee or Bookkeeper you need to be familiar with the following:
remittance advice notes
Examiner’s love to give questions where there are discrepancies between the remittance advice and the sales documentation held by the seller. You as the student must ensure that the amount received is correct and you must know what checks to undertake to ensure that the payment from customer is correct. The main areas that examiners will test you on are :
accounting for underpayments and over-payments,and
accounting for problems with cash discounts
Also if a cheque is received you must know what checks to undertake to ensure that it is valid and can be banked.
Below is the online quiz on “processing customer transactions”
QUIZ: Processing Customer Transactions