Expenses paid by cheque

Go through and enter all the other checks you have written by check number and to whom they were written. In general, all those entries will be credit cash; debit expense (decrease cash, increase expense). Make sure you put everything in the correct expense account. (And, since you have followed your "rule" about writing down the expense category right when you made the purchase you don't have any trouble remembering what this purchase was for, right?) The exceptions to this have been noted above: payments on loans, payments made on large equipment or fixtures, or additions to inventory.

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Expenses Paid by Cheque : Expenses Paid By Cash : Accounts Payable : Cash Discounts on Purchases : Petty Cash : Payroll : Sales & Customer Deposits : Accounts Receivable : Inventory : Deposits : Sale of Assets : Depreciation : Suspense : Month End Adjustments : Paper Trails

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This page last modified: 14 Mar 2008