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Sales and purchases

rename
neganinja's version from 2017-07-14 09:42

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Question Answer
Credit salesGoods sold to customers with a credit account. Your company has an agreement to allow these customers to pay later, e.g., in 30 days.
Cash salesGoods sold to customers who do not have a credit account with your company. You will receive payment immediately.
Credit purchasesGoods your company buys from a supplier you have a credit account with. Your company is allowed to pay the supplier an agreed number of days after the purchase, e.g., 30 days.
Cash purchasesGoods your company buys from a supplier you do not have an account with. You need to pay immediately.
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