Recording Bankcard Sales
A business can record and deposit bankcard sales slips at any interval. To enter bankcard sales in the cash receipts journal, follow the steps listed below. The entry’s source document is the cash register tape. Note the similarity to recording a cash sale.
Step 1: Enter the date of the cash register tape in the Date column.
Step 2: Enter the number of the tape in the Document Number column. Write the letter T before the tape number.
Step 3: Enter the words "Bankcard Sales" in the Account Name column.
Step 4: Enter a dash in the Posting Reference column. The amounts recorded in the bankcard sales entry will be posted to the general ledger as part of the column totals at the end of the month.
Step 5: Enter the amount of merchandise sold in the Sales Credit column.
Step 6: Enter the sales taxes collected in the Sales Tax Payable Credit column.
Step 7: Enter the total cash received in the Cash in Bank Debit column.
The animation below indicates each step using the corresponding step number.