20 February 2017
A transaction 'He Pays by Cheque for Cash Purchase'.How can i treat the transaction whether it is a Bank transaction or a CashOne?Kindly help me to solve it
20 February 2017
If bearer cheque is issued, still bank is involved in the transaction. better to go for details regarding supporting to the transaction.
20 February 2017
Periya u must understand the difference between credit purchase and cash purchase. Credit means there is a period (payment terms) after which u r going to pay them for the items or services purchased. It may b a case of immediate payment, but the management of urs is paying them by cheque instead of cash. So u may first post a journal for purchases and then go for payment entry. And since there is involvement of bank so u can't treat this as a cash transaction.
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