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when has a sales transactions,how to record it? what is sales day book and issit sales ledger are receivables ledger?or sales ledger is record of the sales??i’m blur about it so can’t proper write the procedure about it.
For most purposes a sale usually takes place when the goods leave. An invoice should be issued around then.
A sales day book is a list of sales invoices. Individual entries on the list are used to update the individual accounts in the receivable ledger. The SDB is not part of the double entry system – it is there just to list invoices for posting the the double entry system. The total of the SDB is used to:
Dr Receivables
Cr Sales
CR Sales taxThe sales ledger records who owes what at any point in time (cash receipts will be credited to that). The sales account in the nominal/general ledger records cumulative sales.
HTH
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