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General Accounting Discussions: Cash Sales

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  1.  
    • CommentAuthor1946gary
    • CommentTimeJun 23rd 2008
     
    Bookkeeping question. I have sales invoices each month and my monthly bank statement showing my monthly deposits. I carry no A/R's. I am on a cash basis. Do I debit suspense and credit sales. Debit Checking account and credit suspense account? Or do I create an account receivable showing the ins and outs? Sometimes I might have a credit or debit difference? How do I handle the differences? Is there another way to handle this?
  2.  
    A good accounting program will allow you to report on an accrual basis or cash basis.

    Your invoices, when created, should be entered as a debit to Accounts Receivable and a credit to Sales.

    When reporting on a cash basis, at the close of the period, the program will credit any outstanding receivables and debit sales for the amount of the receivable credit.

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