Operations · Finance
Journals & ledgers
The cash journals, general ledger extract, accounts-receivable ageing and credit terms — the records you'd check when processing transactions and reconciling. Illustrative figures in AUD.
Workplace context
The Finance Manager has asked for help checking this month's transaction records. The cash journals, bank statement and general ledger don't fully line up. Use the records below to compare them, record any discrepancy in the discrepancy log, check overdue accounts against credit terms, and prepare a reconciliation. Escalate anything that needs approval — see the finance procedure.
Cash receipts journal · $6,270.00
| Ref | Date | Received from | Reference | Method | Amount |
|---|---|---|---|---|---|
| CR-20XX-061 | 21 June 20XX | Lewis & Co (NX-10482) | INV-10482 | EFT | $1,320.00 |
| CR-20XX-062 | 23 June 20XX | Harbour Café (NX-10355) | INV-10355 | EFT | $880.00 |
| CR-20XX-063 | 26 June 20XX | Lewis & Co (NX-10482) | INV-10501 | Card | $1,980.00 |
| CR-20XX-064 | 27 June 20XX | Greenfield Clinic (NX-10377) | INV-10377 | EFT | $2,090.00 |
Cash payments journal · $20,354.20
| Ref | Date | Paid to | Account | Method | Amount |
|---|---|---|---|---|---|
| CP-20XX-088 | 19 June 20XX | BrightSpark Electrical | Repairs & maintenance | EFT | $506.00 |
| CP-20XX-089 | 20 June 20XX | Statewide Property | Rent | Direct debit | $18,650.00 |
| CP-20XX-090 | 22 June 20XX | TelOne Communications | Telecommunications | Direct debit | $848.40 |
| CP-20XX-091 | 24 June 20XX | Coastline Office Supplies | Office supplies | EFT | $349.80 |
Tip: check each cash-book figure against the bank statement on the reconciliation page — one entry doesn't match.
General ledger extract
| Account | Debit | Credit | Balance |
|---|---|---|---|
| Cash at bank — operating | $6,270.00 | $20,354.60 | $46,186.75 |
| Accounts receivable | $9,140.00 | $6,270.00 | $9,140.00 |
| Office supplies | $349.80 | — | $1,284.50 |
| Rent | $18,650.00 | — | $18,650.00 |
| Telecommunications | $848.40 | — | $2,210.60 |
| Repairs & maintenance | $506.00 | — | $1,466.00 |
Credit terms register
| Party | Terms | Limit | Status |
|---|---|---|---|
Lewis & Co (NX-10482) Customer | 30 days | $10,000 | OK |
Greenfield Clinic (NX-10377) Customer | 30 days | $8,000 | OK |
Brightwater Pty (NX-10412) Customer | 30 days | $5,000 | On hold |
Coastline Office Supplies Supplier | 30 days | — | OK |
BrightSpark Electrical Supplier | 14 days | — | OK |
Accounts receivable — ageing · $9,140.00 outstanding
| Customer | Current | 30 days | 60 days | 90+ days | Total |
|---|---|---|---|---|---|
| Lewis & Co (NX-10482) | $1,980.00 | — | — | — | $1,980.00 |
| Harbour Café (NX-10355) | — | $880.00 | — | — | $880.00 |
| Greenfield Clinic (NX-10377) | $2,090.00 | — | — | — | $2,090.00 |
| Brightwater Pty (NX-10412) | — | — | $1,650.00 | $2,540.00 | $4,190.00 |
Brightwater Pty is 90+ days overdue and over its credit terms — follow up and refer to the Finance Manager.
Discrepancy log
| Ref | Type & description | Difference | Risk | Escalate? |
|---|---|---|---|---|
| DSC-20XX-01CP-20XX-090 | Transposition error TelOne payment keyed as $848.40 in the cash book but $884.40 on the bank statement. Action: Correct the cash-book entry and note the adjustment. | $36.00 | Low | No |
| DSC-20XX-02INV-20XX-0146 | Quantity mismatch Toner invoice billed for 6 cartridges; goods received show 4. Action: Hold invoice on query; confirm with supplier. | $196.00 | Medium | Escalate |
| DSC-20XX-03NX-10412 | Overdue account Brightwater Pty is 90+ days overdue and over its credit terms. Action: Follow up the account; refer to the Finance Manager and review credit terms. | $2,540.00 | Medium | Escalate |
| DSC-20XX-04CR-20XX-062 | Unmatched receipt (timing) Harbour Café receipt recorded in the cash book is not yet on the bank statement. Action: Monitor; confirm it clears on the next statement. | — | Low | No |
Record a correction with the journal correction request, and use the reconciliation-report and discrepancy-log templates to write it up. Step-by-step help: reconciliation guide.