Accounting Sub Journals - Cash BookIn this web primer we will
also discuss
The accounting procedure, for recording
information, involves two steps, namely journalizing and posting. It follows
that every business must maintain a journal (books of original or prime entry)
and a ledger (principal book). Thus the system of book-keeping originally
envisages that all the transactions must be recorded first in the book of
original record, i.e., journal and then each transaction so recorded in the
journal should be posted in the principal book, i.e., ledger. Subsequently it
was experienced that the labor of recording each transaction with narration in
the journal and then posting each entry in two different accounts in the ledger
was enormous. The procedure was more time-consuming and resulted in higher
establishment cost.
It is but natural that in every business
most of the transactions relate to receipts and payments of cash; purchases of
goods ;. sales of goods etc. It was found to be convenient and economical to
keep separate books to record each particular class of transactions. Each
separate book meant to record transactions of a particular class is the book of
original or prime entry. It is also known as sub-journal or subsidiary book. The
system under which transactions of similar nature are entered in the relevant'
subsidiary book and on the basis of which ledger is written is known as the
'practical system of book- keeping'. This system reduces labor and time of
recording the transactions as impersonal accounts, viz., sales account,
purchases account etc., receive the posting of totals and not of individual
transactions. However, this system also conforms to the basic rules of the
double entry system.
Generally the following subsidiary books
are used in the business:
(i) Cash book : records receipts and
payments of cash including transactions relating to bank;
(ii) Purchases book: records credit
purchases of goods meant for sale or for conversion into finished goods ;
(iii) Returns outwards book: records
return of the goods to the suppliers due to several reasons;
(iv) Sales book: records credit sales of
the goods dealt in by the business;
(v) Returns inwards book : records the
return of goods by the customers to the business ; (vi) Bills receivable book:
records the receipts of bills of exchange, promissory notes and hundies of
various parties;
(vii) Bills payable book: records the
issue of bills exchange, promissory notes and hundies to the various parties;.-
Advantages of sub-journals (i) It
results in saving of time by (a) enabling the recording procedure to be carried
on simultaneously in different subsidiary books and (b) by posting the
periodical totals in the impersonal accounts.
(ii) It makes information available
regarding each particular class of transactions.
(iii) At the time of preparing trial
balance the checking is easier because books being many, different persons can
carry out the job. |
VAT Ready
GST Ready
Download
More Details
Buy Now
Note for International VAT USers and GST Users in India
Many business use services of Tax Consultants and Chartered Accountants for filing the Tax Return and the tax return of the software is not used. To assist such activity you can export all reports from the software to MS Excel or MS Word and submit it to your tax adviser for financial figures for the business . The software will perform all Inventory Control, Vouchers, Nominal Ledger Accounts along with Working/Trading and Profit & Loss account that will give you all figures ready for export for filing Tax Return. As soon as you are sure about the changes you want in the visual interface and printing regarding your GST requirements we will modify the software software as per your GST requirements. To get any of the off-the-shelf software modified for visual interface and printing please Contact Us Now. We will carry out all required customization for GST as per your requirements in the existing software in professional and timely manner . For any required customization as per GST in any of the off-the-shelf software, please contact us now. We will carry out required customization for GST as per your requirements in the existing software at nominal additional charges. Give us details of required customization for a man-hour or work estimate. For official reference to GST refer to following links:GST (Goods and Service Tax) Circular by Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance, Government of India. Finance Act 2016 of Government of India HSN codes for Goods and Service Tax (GST) in India Central Board of Excise and Customs - HSN Codes Circular by CBEC, Government of India - About HSN Codes.
Central Goods and Services Tax (CGST) Rules, 2017 Draft government Approved Format Under Goods and Services Tax - Invoice Rules What is GST Compliant Business? What are the specific mandatory fields in an GST compliant invoice? Why the invoice an important financial instrument? What are Registered and Un-Registered Dealers? There is a lot for your business to catch up on those links along with online tax filing and registration for trading. Give us the details of required work you want in the off-the-shelf VAT accounting system and we shall make it GST compliant invoicing and accounting for your business at nominal additional charges. Cheers. Happy Accounting. If you want to know the details of for making VAT/CST system compliant to GST system: Standard rate of $15 per man hour shall be applicable for making any of off-the-shelf VAT based accounting software systems into CGST/SGST Compliant Accounting. Give the details of customization required in any of our off-the-shelf VAT accounting systems made for various business to get a quote of additional charges. See demo of software on website. See official Indian Government CGST/SGST Specification on the panel above here. Click for more information on Value Added Tax (VAT). Free Download of Full Featured Software - Try Full Featured Software Before Order - Time Limited 30 days Full Featured Version of these software are available for download from our website www.freeaccounting.in. HiTech Billing, Accounting Software Off-the-Shelf versions are available for Business, Traders, Industry, Hospital, Hotel, Petrol Pump, Medical Store & Distributor, Automobile or Motorcycle Dealers, Newspaper or Magazine Publishers, VAT Accounting & Billing and Commodity Brokers. | ||||||
Send Email Now
