Unit 6 – Transactions 143
for the affected accounts. Thus, this reduces the burden in such a way that you only need to know whether the voucher you are entering is a Payment or Receipt voucher. For example, Star Electronics Company makes payment in cash to all the suppliers in one go. In such a case, the selected mode of payment will be cash while the affected accounts will be the supplier accounts. We can represent the transaction in the form of a journal entry given here:
Payment Mode: Cash
Account: Philips India (Supplier)
Sony India (Supplier)
To add a Payment voucher in Single Entry System, click Transactions à Payment à Add option. On clicking the Add option, a Payment Voucher – Add window appears. Given here is a screenshot of Payment Voucher – Add window.
Figure 6.14 Payment Voucher – Add
With the exception of certain data fields, most of the data fields and windows are same as the ones that appear when Double Entry System is followed. The common data fields and windows are explained in Double Entry System while the data fields specific to Single Entry System are explained here.
è Single Entry Mode is available for Payment & Receipt vouchers only.
Select the mode from the list displayed in the data field. Mode refers to the method by which payment is made i.e. cash or bank.
Specify the narration for the payment transaction.
Under Account Details grid, you need to specify the accounts to be debited and the amount to be debited. In the Account Details grid, following fields appear:
Select the account to be debited.
Specify the amount to be debited to the selected account.
Specify a short narration for the entry.
After entering appropriate data in the data fields, click the Save button to save the Payment voucher.