Recap: Books of prime entry

Petty cash is a small amount of notes and coins kept for small costs, such as stamps or milk.

It runs on the imprest system. The float starts at a fixed amount. At the end of the period it is topped back up to that amount.

The top-up always equals what was spent.

Petty cash is a small amount of notes and coins kept for small costs, such as stamps or milk.

It runs on the imprest system. The float starts at a fixed amount. At the end of the period it is topped back up to that amount.

The top-up always equals what was spent.

A book of prime entry is where a transaction is first written down, from its source document.

Sales day book

sales made on credit, from the sales invoices

Purchases day book

purchases made on credit, from the suppliers' invoices

A sale paid for on the spot does not go in either. It goes in the cash book.

A book of prime entry is where a transaction is first written down, from its source document.

Sales day book

sales made on credit, from the sales invoices

Purchases day book

purchases made on credit, from the suppliers' invoices

A sale paid for on the spot does not go in either. It goes in the cash book.

A book of prime entry is where a transaction is first written down, from its source document.

Sales day book

sales made on credit, from the sales invoices

Purchases day book

purchases made on credit, from the suppliers' invoices

A sale paid for on the spot does not go in either. It goes in the cash book.

Petty cash is a small amount of notes and coins kept for small costs, such as stamps or milk.

It runs on the imprest system. The float starts at a fixed amount. At the end of the period it is topped back up to that amount.

The top-up always equals what was spent.