Examples of Sales Ledger Control Account in a sentence
Benefits will be mainly a business that you manage - instead of a business that manages you! Double Entry PrinciplesBy entering a Sales Invoice in the Sales Ledger, the customer’s account, the Sales Ledger Control Account (agreeing the total of the individual sales ledger balances to the total debtors in the trial balance), the VAT Account, and the Sales Account in the Profit and Loss Account are all automatically updated.
We shall provide the ability for you to make Notifications and access by you to information shown on any Business Day during normal working hours on your Sales Ledger Control Account and Client Account together with details of the funds available to you by way of Prepayments that at that time have not been paid to you and the amount of the Prepayments already made to you (subject to the Funding Limit and fees and charges as set out in the terms of this Agreement).
We may in our sole discretion make a credit to the Sales Ledger Control Account without deducting any of the items in accordance with condition 4.3(a).
We shall consequently aggregate and debit all such items at any time thereafter either to the Sales Ledger Control Account and/or the Client Account.
The amount of each credit note, allowance or discount Notified to us under condition 7.12(a) will be treated as a reduction to the Purchase Price of the Book Debt to which it relates and will be debited to your Sales Ledger Control Account.
We may in our discretion transfer the Purchase Price of a Book Debt from your Sales Ledger Control Account to your Client Account before being notified that we have received cleared funds in full payment of that Book Debt.
Benefits will be mainly a business that you manage - instead of a business that manages you! Double entry principles By entering a Sales Invoice in the Sales Ledger, the customer’s account, the Sales Ledger Control Account (agreeing the total of the individual sales ledger balances to the total debtors in the trial balance), the VAT Account, and the Sales Account in the Profit and Loss Account are all automatically updated.
Dr Sales Ledger Control Account CrYou can probably see that the total of all the individual customer accounts will match the total of the Sales Ledger Control Account.
Then, post the total of the Returns Inwards Day Book to the credit side of the Sales Ledger Control Account.
The Sales Ledger Control Account (SLCA) is a check on the arithmetical accuracy of the personal debtors’ (receivables) accounts.