We were joined by Sam Hannigan from Premier Training who delivered a session on bookkeeping transactions and bookkeeping. The session will cover a review of double-entry and how business transactions are entered into the accounts for credit and cash customers.
14 thoughts on “An introduction to Bookkeeping Transactions”
This is a useful video to watch to reinforce and underpin you understanding of double entry.
I am so confused by debits and credits. First in this video it said that Sales Accounts was a Credit entry, as was VAT, and Sales Ledger Control = Debit. Then later in the video it seems to say that SCLA is a Credit entry! I don’t understand, I think the different types of accounts, sales account, sales ledger control account, sales ledger, customer accounts etc is making me completely confused!
I’m with you Jemima.
Sales ledger control account is always debit because this is a trade receivable account (asset), however when customer pay the money then cash or bank become debit and sales ledger control account becomes credit because the amount of receivable reduces as customer paid. Hope you understand.
@Mehedi Khan Thank you Mehedi, it did help. I also realised that ‘sales’ was a credit entry because it is deemed ‘income’
Hi I’m Matt from London, I’ve just started my AAT Level 2 .
How hard is it
@Amber Hi, there was aspects thst was difficult for me. So I decided to study the Level 1 first.
I’ve just started my AAT level 2 about five days ago. Some things are proving easy to understand and others like the daybooks are proving more difficult to understand. I’m waiting for the click moment in my head.
Really enjoyed this video and also understood my debits and credits 😀 I am now confident using the acronym, thank you
Excellent teaching method. Thanx Madam love your teaching style
Very helpful!!!! Thanks for sharing the video :)
Can anyone help me from which subject I should start home learning
I’m very interested in aat but don’t know from where to start ?
Too much talk