Answer to Question #123314 in Accounting for Everlyn

Question

The Enter Sales Receipts window does NOT affect Accounts Receivable.

True or False

Answer 1

True. When sales are made, the sale transactions receipts are updated to the individual customer's account, since the sale receipts document immediate purchase payments, thus does not affect account receivables. It is the Invoice that affects the sales transactions to the accounts receivables and not the sales receipts.

References

Reddy, T.S.,& Murthy, A.(2012).Financial Accounting. Margham Publications.