Payment and Receipt entry

In this chapter we will discuss about the payments and receipts entries.

Payment entry is used for ….

  1. When payment made to our suppliers. Ex : for sundry creditors
  2. Expense like salaries, rent, electricity, telephone bills and office exp etc
  3. Taxes like tds, sales tax etc
  4. Bank charges, bank interest etc.

These payments may be in cash or cheque

Receipts entry is used for…..

  1. When the amount received from your customers (against sales or service)

2.  When the amount received as advance, loans and brought money as capital etc

3.  When the amount received from government as tax refund etc

4.  Interest credited in bank statement. Interest on deposits

payments and receipts entry

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Name : Subramanyam
S.B.A/c No : 912010018059202
Name of Bank : Axis bank Ltd
Branch : South Mada st, Mylapore
Chennai 600 004
RTGS , NEFT, IFSC code : utib0001596


State Bank of India
Account name : Subramanyam G
A/c no : 32444483687
Bank : State bank of India
Branch : Avadi
IFSC CODE ; SBIN 0002201
MICR Code : 600002068