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Bookkeeping All-in-One For Dummies, 2nd Edition
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Bookkeeping All-in-One For Dummies, 2nd Edition

by Lita Epstein, John A. Tracy
August 2019
Intermediate to advanced content levelIntermediate to advanced
608 pages
15h 28m
English
For Dummies
Content preview from Bookkeeping All-in-One For Dummies, 2nd Edition

Chapter 2

Counting Your Sales

IN THIS CHAPTER

Bullet Taking in cash

Bullet Discovering the ins and outs of store credit

Bullet Managing discounts for best results

Bullet Staying on top of returns and allowances

Bullet Monitoring payments due and dealing with bad debt

Every business loves to take in money, which means that you, the bookkeeper, or the accountant have a lot to do to make sure that sales are properly tracked and recorded in the books. In addition to recording the sales themselves, you must track customer accounts, discounts offered to customers, and customer returns and allowances.

If the company sells products on store credit, you have to carefully monitor customer accounts in Accounts Receivable, including monitoring whether customers pay on time and alerting the sales team if customers are behind on their bills and future purchases on credit need to be denied. Some customers never pay, and in that case, you must adjust the books to reflect nonpayment as a bad debt.

This chapter reviews the basic responsibilities ...

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Publisher Resources

ISBN: 9781119592907Purchase book