The total of this column is debited to cost of goods sold account and credited to inventory account in general ledger. This column is also found in sales journal where it is used to enter the cost of goods sold on credit. Form 8300 and Reporting Cash Payments of Over 10,000 Form 8300 and Reporting Cash Payments of Over 10,000 Generally, if you're in a trade or business and receive more than 10,000 in cash in a single transaction or in related transactions, you must file Form 8300. Cost of goods sold/inventory: In cash receipt journal, this column is used to record the cost of merchandise sold for cash.Examples include the receipt of cash for interest, rent and the sale of old assets etc. Other accounts: This column is used to record the receipt of cash from sources other than cash sales or credit customers.Every time a cash sale is made, the amount received is entered in this sales column Sales: This column is used to record cash sales.The amount by which a customer’s account is credited is entered in this column. Accounts receivable: When a credit customer makes the payment, his account is credited in accounts receivable subsidiary ledger.The sales account maintained in general ledger is debited by the total of this column. The amount of discount allowed to customers is entered in sales discount column. Sales discount: Sellers allow discount to customers that make payment within discount period.We list the best in class so you can open the best online. The cash account in general ledger is debited by the total of this column. The best high yield online savings accounts have no fees and offer a better interest rate than many standard checking and savings accounts. Cash: In cash column the amount of cash received is entered.Explanation: The explanation or reason of the cash inflow is briefly explained in this column.Post reference: The post reference column is used to enter the account number of subsidiary or general ledger account to which the entry belongs.For every inflow of cash, one or more accounts are essentially credited in accounts receivable subsidiary ledger or in general ledger or in both. Account credited: The account credited column is used to enter the title or name of the account that is credited in ledger as a result of cash inflow.Date: The date at which the cash is received is entered in date column.The information in ten columns shown in above format of cash receipts journal is entered as follows: Receipt of cash from credit customers or receivables andĪ cash receipts journal usually looks like the following: Explanation of the columns used in cash receipts journal.For recording all cash outflows, another journal known as cash disbursements journal or cash payments journal is used.įor making entries in a cash receipts journal, all inflows of cash can be divided into the following three categories: In other words, this journal is used to record all cash coming into the business. The cash receipts journal manages all cash inflows of a business organization.

Cash monies