The sales and purchase ledgers Assignment
The sales day book provides a chronological record of invoices sent out by a business to credit customers. For many
businesses, this can involve very large numbers of invoices per day or per week. The same customer can appear in
several different places in the sales day book. So at any point in time, a customer may owe money on several unpaid
A business needs to keep a record of how much money each individual credit customer owes because:
(a) A customer might telephone and ask how much he currently owes.
(b) It provides the information needed for statements sent to credit customers at the end of each month.
(c) It assists the business in keeping a check on the credit position of each customer to ensure that he is not
exceeding his credit limit.
(d) Most important is the need to match payments received against invoices. If a customer makes a payment,
the business must set it off against the correct invoice.
Sales ledger accounts are written up in the following way.
(a) When entries are made in the sales day book (invoices sent out), they are recorded on the debit side of
the relevant customer account in the sales ledger.
(b) Similarly, when entries are made in the cash book (payments received) or in the sales returns day book,
they recorded on credit side of the customer account.
Each customer account is given a reference or code number, the ‘sales ledger reference’ in the sales day book.
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