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Credit - Debit Form

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15 views

Credit - Debit Form

Uploaded by

citprocessteam
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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ChatGPT

chat.openai.com/c/96878769-2f1f-4fc6-8c32-9e705434d5a4

Certainly! To effectively use a columnar pad for tracking credits, withdrawals, and debits, and
to reconcile it with an expenses columnar record book, you can follow these steps. I'll provide
an example table for better understanding:

Columnar Pad Tracking Table:

Credit Withdrawal Debit Service Fee Balance


Date Description ($) ($) ($) ($) ($)

2023-11- Opening Balance - - - - $5,000


01

2023-11- Deposit from $1,000 - - - $6,000


05 Sales

2023-11- Online Sale $500 - - $5 $6,495


10

2023-11- Office Supplies - - $200 - $6,295


15

2023-11- Withdrawal for - $300 - $3 $5,992


20 Cash

2023-11- Point of Sale $200 - - $2 $5,790


25 Payment

Explanation:
1. Date: The date of the transaction.
2. Description: A brief description of the transaction.
3. Credit ($): Amount received or credited.
4. Withdrawal ($): Amount withdrawn or debited.
5. Debit ($): Amount spent or debited.
6. Service Fee ($): Any additional fees associated with withdrawals or online payments.
7. Balance ($): Running balance after each transaction.

Steps to Reconcile:
1. Opening Balance:

Start with the opening balance in the first row.

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2. Credits:

Record any credits, like deposits or sales, in the "Credit" column.


3. Debits:

Record any debits, like expenses or withdrawals, in the "Debit" column.


If there's a service fee, include it in the "Service Fee" column.
4. Calculate Balance:

For each transaction, calculate the balance by adding credits and subtracting
debits and service fees from the previous balance.
5. Reconciliation:

At any point, you can compare the total balance with your expenses columnar
record book to ensure they match.

Remember to update the table with every transaction, and this method will provide you with a
clear overview of your financial transactions and help in reconciling with your expenses
columnar record book.

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