The Cash Receipts journal is the first place you record incoming cash for your business. The majority of cash received each day comes from daily sales. Other possible sources of cash income include deposits of capital from the company‚Äôs owner, customer bill payments, new loan proceeds, and interest from saving accounts. Each entry in the… Read More

IFRS are standards and principles that are used in the preparation of financial statements set by the International Accounting Standards Board in 2001. The IFRS uses the principle of the Accrual basis. It recognizes transactions when they occur, not when funds are received or paid out for the transaction. The Going concern which assumes that… Read More

The general ledger is a collection source for all the transactions of the business as this is where one will find all the transactions that have been posted to the individual ledger accounts. It is from the information that is found in the General ledger that Financial Statements (Income Statement and Balance Sheet) are compiled… Read More