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hi john/all the team
firstly would just like to give a big thank you for making these resources available, without these i would definately not be even considering acca, due to time, family and financial restraints. the only reason i am even doing the acca right now is because of opentuition, thank you very much and god bless all of you
just a small question please, for the books of prime entry i understand we are just entering for example all cash receipts or cash payments out
if a business has alot of dealings and receipts and payments in cash as well as cash receipts and payments coming in to and out of the bank
would we use just one book for both the bank and cash receipts and make a note in the description or would there be two books one for cash receipts and one for bank receipts
hope the question makes sense
thank you
faz
As I say in the free lecture on Books of Primer Entry, a business will usually have separate books for recording ‘loose’ cash and bank cash. (There is no ‘law’ on this, and it will depend on the sort of transactions the business has – many business do not have any ‘loose’ cash at all.)
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