Kollipara sundaraiah asked 12 months ago
A registered sales retail ready made goods dealer selling to customers (b2c) only.dealer sale transaction two types cash sales and sale through on Google pay and paytam.
Question:
Dealer account entry passed two types of sales transaction at the end of month single entry passed in books correct procedure
Sunil answered 12 months ago
Question is not clear but as far as I understand it is about passing a entry in books of accounts at the end of month for sales transactions during the month.
You need to total the sales figures separately for (1) cash sales and (2) UPI sales.
then you can record the monthly sales by passing following entry in books of accounts.
Cash A/c Dr. (by figures of cash sale)
Bank A/c Dr. (the respective bank in which month received through UPI)
Wallet A/c Dr. (if month received in any wallet like paytm wallet)
To Sales.
But instead of passing monthly entry , ..you may pass entry on daily basis if transactions are high in numbers. It will help you to match the cash balance and bank balance at the end of day. ..
The period depends on the volumes of daily sales transactions.
I hope it is clear now.