Double-entry bookkeeping

Double-entry bookkeeping means that every transaction entered both debits and credits different nominal codes. This means that your trial balance always balances. This article shows the debit and credit entries for each transaction type you can enter in Sage One.

Sales Invoice

DR Trade Debtors (Gross)
CR Sales Nominal (Net)
CR VAT (VAT)

Purchase Invoice

CR Trade Creditors (Gross)
DR Purchase Nominal (Net)
DR VAT (VAT)

Sales Credit Note

CR Trade Debtors (Gross)
DR Sales Nominal (Net)
DR VAT (VAT)

Purchase Credit Note

DR Trade Creditors (Gross)
CR Purchase Nominal (Net)
CR VAT (VAT)

Sales Receipt

CR Trade Debtors (Gross)
DR Bank (Gross)

Purchase Payment

DR Trade Creditors (Gross)
CR Bank (Gross)

Sales Discount

CR Trade Debtors (Disc)
DR Discount Allowed (Disc)

Purchase Discount

DR Trade Creditors (Disc)
CR Discount Taken (Disc)

Purchase Payment

DR Trade Creditors (Gross)
CR Bank (Gross)

Sales Refund

DR Trade Debtors (Gross)
CR Bank (Gross)

Purchase Refund

CR Trade Creditors (Gross)
DR Bank (Gross)

Bank Receipt

DR Bank Account (Gross)
CR Nominal (Net)
CR VAT (VAT)

Bank Payment

CR Bank Account (Gross)
DR Nominal (Net)
DR VAT (VAT)

Cash Receipt

DR Cash Account (Gross)
CR Nominal (Net)
CR VAT (VAT)

Cash Payment

CR Cash Account (Gross)
DR Nominal (Net)
DR VAT (VAT)

Visa Receipt

DR Visa Account (Gross)
CR Nominal (Net)
CR VAT (VAT)

Visa Payment

CR Visa Account (Gross)
DR Nominal (Net)
DR VAT (VAT)

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