Question

How to account for $640 takings awaited bankings? Does it have an affect on the cash book, payable control account, or receivables?

Answer 1

The $640 in takings would be considered cash and need to be accounted for there. Think of it as you have $640 in the till or the safe, but it still needs to be taken to the bank. It wouldn't count as a receivable since you already have the money, and it wouldn't count as accounts payable since it doesn't represent an obligation.

Answer 2

Does it have an affect on the cash book, payable control account, or receivables ... The $640 in takings would be considered cash and need to be accounted for there ... It wouldn't count as a receivable since you already have the money, and it ...