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Quick question on day books

  • 25-04-2012 5:50pm
    #1
    truebloodfan
    Registered Users, Registered Users 2 Posts: 108 ✭✭


    When a question asks for the books of original entry do they mean day books ?. What are the nominal ledgers? I know how to do them it's just that they are called daybooks one minute
    and sumthing else the next. Want to be sure I'm doing right thing


Comments

  • #2
    aidan.connolly
    Registered Users, Registered Users 2 Posts: 250 ✭✭aidan.connolly


    Hi

    My understanding is :

    Books of Original entry can include:
    Sales Daybooks, produced from original invoices for Sales
    Purchase Daybooks produced form recording Accounts payable invoices received.
    Cash Daybooks, produced from Cheque and Cash Transactions. Most companies keep cash receipts seperate from Cheque payments.
    Petty Cash Book.
    Wages book.

    The Nominal ledger is the step in the process.
    Each of the transactions recorded in the above daybooks are recorded( either individually ) or as a total in the nonmial ledger.
    The final balances in the Nominal Ledger at a given time will enable you to produce a Trial Balance


    I hope this helps

    Aidan


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