Accurately credit and debit transactions and promptly enter
into journals in accordance with organisational requirements
Journals may include:
f
Cash payments
f
Cash receipts
f
Purchases and purchase returns
f
Sales and sales returns.
Transactions may include:
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Commencing business entries
f
Correction of posting errors
f
Interest expense
f
Interest receivable
f
Non-cash transactions (e.g. writing-off depreciation, stock losses)
f
Purchase of a fixed asset on credit
f
Sale of a fixed asset on credit
f
Withdrawal of stock/assets by owner
f
Write-off a bad debt