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control accounts :( please help

frankythefish · 2012-11-11 23:56:11

so my simple understanding of control accounts is as follows example: cash (received) control account entry 1) cr bank 10, db cash (received) control account 10 entry 2) cr cash(received) control account 10, db sales type A 5 db sales type B 5 am i on the right track?

11-11-2012 11:56pm

#1

frankythefish

Closed Accounts Posts: 339 ✭✭

Join Date: May 2009

Posts: 257

so my simple understanding of control accounts is as follows

example: cash (received) control account

entry 1)
cr bank 10, db cash (received) control account 10

entry 2)
cr cash(received) control account 10, db sales type A 5
db sales type B 5

am i on the right track?

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Comments

#2 12-11-2012 4:48pm

Alan Shore

Registered Users, Registered Users 2 Posts: 735 ✭✭✭

Join Date: May 2010

Posts: 734

Don't really know what you are trying to achieve cr cash (cash out) and dr sales (reduce sales).

In my view the control account is the total for that nominal.

So for cash you have the opening balance for the period on the debit side
The total cash received also on the debit side with the total credit in bank (petty cash), or debtors control account or sales.

The cash out is on the credit side with the debit in bank (lodgement), or creditors control or purchases, wages or whichever expenses is paid in cash.

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