Business management

Introduction to accounting

Debit credit accounting convention

Transaction example summary

The tables below summarize a payment in the customer accounting bank payment journal and a receipt in the supplier accounting bank receipt journal.

BANK PAYMENT JOURNAL Inwards Outwards
Account Operation Debit Credit Date ---
500BNK   Payment to supplier S. inv. 536524 1,200   21 Feb.14 ---

BANK RECEIPT JOURNAL Inwards Outwards
Account Operation Debit Credit Date ---
100BNK   Payment from customer C. inv. 536524 1,200   21 Feb.14 ---

Professional accountant as a usage will refer to transactions related to bank statement (payments and receipts) using the bank statement debit-credit convention (debit for money out and credit for money in) instead of the customer or supplier business accounting book entry sides.

Last change 1st June 2014