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Sales and sales returns day

 What is the sales day book?
 What is the sales returns day book?
 Entering sales transactions in the day
 Coding data
 Posting the day book totals
Chapter scenario
What is the sales day book?
 Used to keep a list of all the invoices and
credit notes sent out to customers each
 Referred to as a 'book of prime entry' or a
'primary record'.
What is the sales day book?

 Invoice number should be an unbroken numerical

 Numbers of spoiled invoices should be entered too,
with blanks in the 'amounts' columns and/or a note as
cancelled under 'customer’
 Complete sales day book
What is the sales returns
day book?
 A chronological listing of sales returns
 Records the value of goods returned to
the business by buyers, dealt with by the
issue of credit notes
Analyzing sales
 Sales may be analyzed into different categories, according to
the information needs of the business and its system of
 A spreadsheet could be used as a model to produce an
analysed sales day book.
Receivables (sales) ledger
1. Sales invoices are 1. Certain information
typed out. will be input, such as
2. The details on the date, the
invoices are keyed customer number,
into the computer product codes and
using a keyboard quantities.
and VDU. 2. The computer
3. One of the 'reports' package will use this
which the computer information to
is able to produce produce invoices.
might be a listing of 3. The package will
sales invoices and collect the
credit notes for a information on the
particular day invoices and credit
notes needed to
More on computerized
In some computer systems, a system for recording inventories
of goods held is combined (or 'integrated') with the system
for processing sales orders.

3. The details of goods which a customer orders are keyed in

and recorded by the Sales Order Processing (SOP) system,
which can then produce an order acknowledgement form
to send out to the customer.
4. When the goods are despatched to the customer, details of
this despatch can be keyed in to the computer together
with the number of the order which is being satisfied. The
computer will then produce a sales invoice, using the
information it already has about the order.
5. Reports may be produced of sales and returns made on a
particular day or in a particular period to give the
information which a 'traditional' sales day book would
Coding data
 A code is defined as a system of symbols
designed to be applied to a classified set
of items to give a brief accurate
reference, facilitating entry, collection
and analysis.
 Saves time in copying out data
 Save storage space, computer systems
make use of coded data.
Various coding systems
 Sequence codes: given  Significant digit codes:
the next available number some digit(s) imply part of
in a rising sequence the descriptions. E.g.:
 Suitable for document  5000 Electric light bulbs
numbering eg invoice  5025 25 watt
numbers  5040 40 watt
 Block codes: different  5060 60 watt
sequence for each different
 5100 100 watt
group of items. E.g.:
 South East code
numbers 10,000-19,999
 South West code
numbers 20,000-29,999
 Wales code numbers
Various coding systems
 Faceted codes: made up  Hierarchical codes: tree
of a number of sections. structure. E.g.:
E.g.:  5 Business
 If SU stood for suit, M for  5 2 Finance
man and B for blue, a  5 2 1 Cost accounting
garment could be given
 5 2 1.4 Standard costing
the code SU M B 40 17.
Similarly  5 2 1.4 7 Variance

 ND F W 14 23 could analysis
stand for woman's white  5 2 1.4 7 3 Fixed
nightdress size 14, style overhead variances
Coding example for ledger
Posting the totals
 To which accounts?
 Part of the double entry book keeping
 Sales account
 Sales tax account
 Receivable control account
 Sales
ledger personal account/ receivables
personal account
 Each individual sales transaction is entered in
the sales day book(s) and needs to be recorded
in the personal receivables ledger account of the
 What for???
The process
Sales tax

Narrative: Posting sales

Narrative: Posting sales returns

 Complete the nominal List of account codes.
ledger postings summary  Sales C 2010
below with the double
 Sales G 2020
entry required to record the
sales on 17 and 18 March  Sales E 2030
20X7 as detailed in the  Sales X 2040
previous question, earlier in
this chapter.  Sales returns C 2310

 Sales returns G 2320

 Sales returns E 2330

 Sales returns X 2340

 Sales tax control account

 Payables ledger control
account 0310
 Receivables ledger control
account 0210
Cash sales
 Where does it go?
1 What is the purpose of the sales day
2 What is the purpose of the sales returns
day book?
3 Why do businesses maintain personal
accounts in the receivables ledger?
4 What is another name for the 'receivables
control account'?
5 What is the function of this account?
6 A cash sale will be shown in the
receivables ledger. True or false?
1 To record credit sales on a daily basis.
2 To record returns of credit sales on a daily
3 To show who owes what to the business at
any given time. This information is not in the
sales day book or the receivables control
4 The receivables ledger control account, or
the 'total receivables account'.
5 To record in total the amounts posted to the
customers' individual memorandum
accounts in the sales ledger.
QB 30
The sales account is
A Credited with the total of sales made, including
sales tax
B Credited with the total of sales made, excluding
sales tax
C Debited with the total of sales made, including
sales tax
D Debited with the total of sales made, excluding
sales tax