What is mean by Bank and Cash Account?

Money is received in the following forms:-
  • Cash
  • Cheques
  • Demand Drafts or Pay Orders
  • Direct transfer in the bank account of the business firms.
  • If any payment is made by the third party on behalf of the company then also it will be treated as a receipt from the person who has paid the money on behalf of the company.
“A receipt and payment account is a summarized cash book for a given period”.”This is a summary of the cash transactions as in the cash book”. Non-profit organizations prepare receipt and payment account at the end of the year. With the help of this account and some additional information, we prepare income and expenditure accounts to disclose the true results of non-profit organizations. Types of Receipt Vouchers In small organizations, only Single type of Receipt Voucher is more than sufficient but in large business firms, following types of the voucher are prepared:-
  1. Cash Receipt Voucher:- For all money which is received in cash.
  2. Bank Receipt Voucher:- For all money received by way of cheques, Demand Draft, Pay Orders or directly received by the bank from any person on behalf of the company.
Steps to map the Bank and Cash account in Receipt voucher

Step 1: First Login with Fresa Gold, Navigate to Accounts, select the Accounts settings menu (Fig.1) accounts settings

Fig.1

2. Second, select the JV Book Master (Fig.2). jv book master

Fig.2

3. Once opened, select the Receipt voucher book (Fig.3) jv book master

Fig.3

4. In Account List select the bank to be reflected in Receipt voucher while choosing the book as Bank, once entered click Save Changes button (Fig.4) Receipt book

Fig.4

5. Now navigate to Receipt voucher select the Book as Bank Receipt, then select the Bank from Bank/Cash it will reflect only the bank which you selected in the  Receipt Book(Fig.5) receipt voucher

Fig.5

The same procedure for selecting Cash Account in Receipt voucher I hope you got an idea about to map the Bank and Cash accounts in Receipt voucher

To create a New Bank account ledger in COA Master, follow the steps in the below given blog link

https://blog.fresatechnologies.com/how-to-create-a-new-bank-account-ledger-in-coa-master/

 For further clarification, send your queries to Support@fresatechnologies.com because our motto is to help customers.

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