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Bookkeeping and Accounting All-in-One For Dummies, UK Edition by Jane E. Kelly

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Chapter 2

Counting Your Sales

In This Chapter

arrow Taking in cash

arrow Discovering the ins and outs of credit

arrow Managing discounts for best results

arrow Staying on top of returns and allowances

arrow Monitoring payments due

arrow Dealing with bad debt

Every business loves to take in money, and this means that you, the bookkeeper, have lots to do to ensure that sales are properly recorded in the books. In addition to recording the sales themselves, you must monitor customer accounts, discounts offered to customers, and customer returns and allowances.

If the business sells products on credit, you have to monitor customer accounts carefully in Trade Debtors (Accounts Receivable), including monitoring whether customers pay on time and alerting the sales team when customers are behind on their bills and future purchases on credit need to be declined. Some customers never pay, and in that case you must adjust the ...

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