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Account Keeping for Non-cash Transactions

Learn more about account keeping for non-cash transactions.
Let’s now deal with the other non-cash transactions. Firstly, we can start by recording invoices that sent to Customers. Click ‘Business’ and ‘Invoices’, then ‘new invoice’.

Business

Record the third transaction ‘on 4th Sept, the business sent an invoice to Tennis Eastern Suburb for services rendered of $3,000’:

  • add/use ‘Tennis Eastern Suburb’ as a contact
  • enter the correct transaction date
  • due date is ‘4 Oct 2019’ a month later.
  • provide a description
  • Qty=1
  • unit price $3000
  • choose/create an account ‘Coaching Services’
  • Note GST automatically applies
  • you need to change the amounts are ‘Tax Inclusive’
  • Click ‘approve’

Record the other sale transaction on 15th Sept. Due date is 15th October.

Check the ‘sale overview’ under the ‘Business’ for the two sales transactions, select ‘awaiting payment’:

payment

This is very similar to the ‘Accounts Receivable’ ledger and in Excel:

Accounts receivable

We can then deal with the purchase invoice received from Suppliers. Click ‘Business’ and ‘Bills to pay’, then ‘new bill’.

Record the transaction on 20th Sept, ‘the business bought an office desk on credit from Offices R Us for $1,400’.

  • Add/choose ‘Offices R Us’ as a contact
  • enter the correct transaction date
  • due date is ‘20 Oct 2019’ a month later.
  • provide a description
  • Qty=1
  • unit price $1400
  • choose/create an account ‘Office Furniture’
  • Note GST automatically applies
  • you need to change the amounts are ‘Tax Inclusive’
  • Click ‘approve’

Check the ‘purchase overview’ under the ‘Business’ for the purchase transaction, select ‘awaiting payment’:

awaiting payment
Compare with the ‘Accounts payable’ ledger and in Excel:

Accounts payable
Go back to the dashboard, and see what it shows now

Dashboard

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Accounting for Today’s Dynamic World

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