Sales returns day book
The sales returns day book records goods returned by credit customers and other relevant credits, usually from credit notes. The credit note identifies the customer and reduction in the amount due. Record the individual amount in the customer's account and post totals to the relevant returns, tax and control accounts. Check the amount against the goods returned and original transaction. The customer's account is reduced by the amount of the credit note, including applicable tax.
Worked example
A 40 credit note reduces the customer's debt and records the return.
Common mistake
It does not record the original sale again; account separately for applicable sales tax.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Supporting | July 2027–August 2028 |
| ACCA | F2 | Supporting | July 2027–August 2028 |
| ACCA | FA | Direct | September 2026–June 2027 |
| ACCA | K1 | Supporting | July 2027–August 2028 |
| CIMA | BA3 | Direct | Official assessment-window verification pending |
| FIA | FFA | Direct | September 2026–June 2027 |
