Lesson 7 – Money Received

This lesson will show you how to process the money you receive from clients.
Clients can make payments in different ways:
1. Cash
2. Electronic Fund Receipts (EFRs)
3. Credit Card Payments

INSTRUCTIONS

1. Process the following transactions of money received through cash, EFR’s and credit
cards.

CASH Received

Although the company does not usually sell products to the public, two cash sales were
made to staff members on the 9th of March. The cash was locked away in a safe and
deposited at the bank by the financial manager the morning of the 10 th of March 20XX.

This is a printout of the cash register report generated at the end of 9 March 20XX.

Cash register report – Seaview Meubels

Date Reference Details Amount
09/03/XX CR1001 Cash sales – EMP 1023 R 686.00
09/03/XX CR1002 Cash sales – EMP 2387 R 686.00

Deposit Slip:
FNB Strand
Deposit Slip No: 07 Date: 10/03/XX
Credit: Seaview Meubels Cash deposit
Address: Kusweg 22 R 100 1 300.00
Strand R 50
7130 R 20 40.00
R10
Change 2.00
Cash register slip: CR 1001- CR 1002 Total R 1 372.00
TOTAL R 1 372.00
Deposited By: J. Goosen
Account Number 456 921 073

DLA142 Lesson 7 and Tutorial 7 1/3

Electronic Fund Transfers made to us (Electronic Funds Received / EFR’s)

A list of electronic fund transfers that have been identified in the bank statement. A
reference number is allocated to each amount as it is identified.

Electronic Funds Received (EFR) report – Seaview Furniture

Date Reference Paid by Details Amount
09/03/XX EFR501 Sundar Pichai Cash sale R145 432.00
11/03/XX EFR502 A Madonsela Account paid (discount R44 437.12
R906.88)
11/03/XX EFR503 Daniel Solomans Cash Sale R64 386.00
21/03/XX EFR504 B Mbeki Account paid (discount R19 541.00
R0.00)
25/03/XX EFR505 Oceanview Furniture Account paid (discount R1 098 137.00
R0.00)

Credit Card Payments Received

The following receipts are set out in the report generated by the credit card machine software
application.

Credit Card machine receipts report – Seaview Meubels

Date Customer details Details Amount
27/03/XX H. Lintveldt Account paid (discount R0.00) R 67 518.00
27/03/XX M Naidoo Account paid (discount R0) R 45 781.27
27/03/XX TOTAL CREDIT CARD RECEIPTS FOR THE DAY CC2703XX R113 299.27

2. Generate a trial balance for the first period of the financial year and save the report.
3. Generate a list of customers with transaction details for the first month of the
financial year and store the report.
4. Write down all the financial entries for each of the different payments received (all
types) processed.
5. For example: The financial entries for the cash received are the following:

DLA142 Lesson 7 and Tutorial 7 2/3

 REFLECTION

After this lesson you must be able to:

 Process money received in different forms.
 Know how to apply early payment discount when a client pays their invoice before a
previously determined date (terms).
 Know which customers still owe Seaview money at the end of March.
 Know all the financial transactions that was processed with each payment received.

DLA142 Lesson 7 and Tutorial 7 3/3