Processing customer transactions – lesson 5

It's only fair to share...Share on Google+Pin on PinterestShare on LinkedInShare on Facebook




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:

PROCESSING BOOKKEEPING TRANSACTIONS COURSE: lesson 1

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
cheques
BACS
statements

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

Process payments from customers

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





Before attempting this quiz you should have read chapter 4 entitled Process Payments from Customers of your recommended textbook “Bookkeeping 1".

Please attempt all questions and then press the submit button at the end, you will then be taken to your results page.

Good luck!



Name


1
A company offers to all customers a settlement discount of 5% on invoices which are paid within 30 days of the invoice date.
VAT is 20%.
You receive payment from a customer who has correctly deducted the settlement discount. If the Goods total is £1000 how much should the customer pay?


Hint


2
A company offers to all customers a settlement discount of 2.5% on invoices which are paid within 7 days of the invoice date.
VAT is 20%.
You receive payment from a customer who has correctly deducted the settlement discount. If the Goods total is £2000 how much should the customer pay?



3
cheque

Look at the above cheque and what is the banks sort code?


4
From the cheque in question 3, what is the bank account number?


5
When a customer who has bought goods or services on credit makes payment on account, the customer will send a ........................ to the seller.


6
What do the letters BACS stand for?



7
If a payment is made through the BACS, which document must be checked in due course to confirm payment?


8
On an invoice which offers settlement discount, the VAT is worked out on the goods total before the settlement discount is deducted.


9
Settlement discounts and VAT are a pain in the ......







For a list of all the FREE courses on this site please click this link.

Leave a Reply