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Sales entries

You make entries for sales invoices in a sales journal. As a consequence, an outstanding item is automatically created for the selected sales contact/debtor. When you receive the payment, you can write off the outstanding item using a bank or cash journal.

Sales entries are financial entries whereby you 'manually' record sales invoices in a sales journal.

Content

Description

If you make a sales entry in a sales journal, the following journal entry is created:

Account

Debit

Credit

Debtor

invoice amount, incl. VAT

 

To Turnover

 

invoice amount excl. VAT

To VAT to be paid

 

VAT amount

The amount of the outstanding item (the total invoice amount your sales contact/debtor owes you) is posted to the debtor summary account. This ledger account is linked to the sales contact/debtor and cannot be changed during entry.

You can speed up the entry process by linking a Preferred contra account in the sales contact/debtor properties, after which Profit suggests it as the default.

Sales invoices

If there is a link with a sector application or if you invoice in Profit with the Profit Order management, Profit Projecten or Profit Subscriptions component, it is not necessary to make 'manual' entries for the invoices in the Sales journal.

You journalise the invoices recorded in this way in Profit, as a result of which Profit 'automatically' generates the financial sales entries in a sales journal.

This method not only saves time, but it also improves the consistency of the data recorded in your administration.

Payments

If the debtor has paid a sales invoice, you enter the payment in a cash book or bank journal. You can also import a bank statement electronically into the bank journal. At the same time, you select the outstanding item in question and you write it off. If payment is made by bank, then the following journal entry is created in Profit:

Account

Debit

Credit

Bank

invoice amount

 

To debtor

 

invoice amount

Preparation

Procedure

Also see

Process

Entries