Posting Column Totals to the General Ledger
After the cash receipts journal is footed, proved, totaled, and ruled, the column totals are posted to the general ledger in the respective accounting head. The column heading indicates whether to post the amount to the ledger account’s Debit or Credit column.
Follow these steps to post column totals to the general ledger:
Step 1: Place a check mark in parentheses under the General Credit column total to indicate that this total is not posted.
Step 2: Post the Sales total to the Sales account Credit column.
Step 3: Post the Sales Tax Payable total to the Sales Tax Payable account Credit column.
Step 4: Post the Account Receivable total to the Accounts Receivable controlling account Credit column.
Step 5: Post the Sales Discounts total to the Sales Discounts account Debit column.
Step 6: Post the Cash in Bank total to the Cash in Bank account Debit column.
Step 7: Compute new balances for each general ledger account.
Step 8: Write each account number in parentheses below the double rule in the cash receipts journal.
