When I Receipt onto the Sales Ledger, Where Does the Opposite Entry Go?

When receipting payments onto the sales ledger, it’s important to understand where the opposite side of the accounting entry is posted. This ensures that funds are correctly allocated in the general ledger and that bank or cash balances remain accurate.

The posting destination depends on the payment method selected during the receipt process.

Posting Logic Based on Payment Method

1. Cash / Cheque / Debit Card Payments

• These are typically point-of-sale transactions.

• The opposite entry is posted to the till nominal account.

• The nominal used is:
  1.40.60.0

  • The 1 at the beginning denotes the branch number, so this will vary depending on where the payment was taken.

This means the payment is temporarily held in the till account, awaiting transfer to the bank during the cashing-up process.

2. Direct to Bank

• This method is used when the payment is received directly into your bank account, e.g. via BACS or bank transfer.

• The opposite entry is posted to:
  0.0.60.6

  • This is a centralised bank receipt nominal used to record direct deposits.

Using this option bypasses the till and records the receipt as immediately deposited into the bank.