how and what do I post from the cash receipts journal to the general journal
To accurately post entries from the cash receipts journal to the general journal, you will need to follow a specific process. Here's a step-by-step guide:
1. Obtain the cash receipts journal: The cash receipts journal typically includes multiple columns, such as date, customer name, invoice number, cash amount, and accounts receivable. Ensure that you have access to the cash receipts journal.
2. Identify the relevant transactions: Review the entries in the cash receipts journal and identify the transactions that need to be posted to the general journal. These transactions generally relate to cash received from customers.
3. Determine the accounts to be debited and credited: Analyze each transaction and determine the appropriate accounts to be debited and credited. The specific accounts will depend on the nature of the transaction and your company's chart of accounts. Common accounts involved in cash receipts include accounts receivable and cash.
4. Prepare the general journal entries: Once you have identified the accounts to be debited and credited, you can prepare the general journal entries. Each entry should include the date, a brief description of the transaction, the debit amount, and the credit amount.
5. Posting the entries: Take the entries you prepared in the general journal and post them to the appropriate accounts in the general ledger. The general ledger is the master record of all the accounts used in your company's accounting system. Make sure to update the account balances accordingly.
6. Verify accuracy: After completing the postings, double-check the accuracy of your work. Ensure that the debits and credits in the general journal and general ledger are balanced.
7. Cross-reference: To maintain proper documentation and traceability, cross-reference the entries in the general journal with the corresponding transactions in the cash receipts journal. This helps you track the flow of transactions between the two journals.
By following these steps, you can properly post entries from the cash receipts journal to the general journal. Remember to always maintain accuracy and double-check your work to ensure the integrity of your financial records.