Accounts Management module in T24, Release 12Full description
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ORIGINALFull description
HUGE NETFLIX PREMIUM ACCOUNTS DUM [16,000]+ ACCOUNTS!Full description
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Full description
partnership accounts
14: 14: CONTROL ACCOUNTS
Chapter Summary
The RLCA and the RL and the PLCA and the PL are showing the same information and so t he balances should reconcile
Reconciliations
Receivables ledger control account
Receivables ledger
Payables ledger control account
Payables ledger
RLCA: The total owed by all credit customers at a particular point in time. PLCA: Total owed to all credit suppliers at a particular point in time
RL: a list of the amounts owed by each individual credit customer at a particular point in time PL: a list of the amounts owed to each individual credit supplier at a particular point in time
Control accounts
Contra entries
Discounts
Returns, credit notes, refunds and over payments
'Where a business has a customer which is also a supplier' A contra will always be for the lower of the two amounts and will always reduce both receivable and payables: Dr PLCA Cr RLCA The memorandum ledgers must also be updated for the contra entry
If a customer returns goods having hav ing already paid for them or over pays an invoice they will show a credit balance on their account The business may issue the customer with a credit note which they can use to pay for future purchases or the customer may request a refund Both the control accounts and the memorandum ledgers must be updated for these entries
allowed and received
Discounts allowed are offered by a business to their customer (an ( an expense) Discounts received are received by a business from their supplier (sundry income)
Trade discounts
Given at the time of sale/purchase For example: bulk buying discounts Never appear in the financial statements
Sales tax considerations
Sales tax is calculated after all discounts, regardless of whether they are taken or not The rate of sales tax will be provided in the exam question
290
Settlement discounts
Offered as an incentive to settle a debt early For example: 3% discount if settled within 10 days May or may not be taken Sales and purchases are recorded after trade discounts but before settlement discounts