Predefined Vouchers
All types voucher in
Accounting Voucher for example (Purchase / Sales / Receipt / Payment / Contra /
Journal etc.)
Purchase Meaning
Buying of goods by the trader for selling them to his customers is known as purchases. As the trade is buying and selling of commodities purchase is the main function of a trade. Here, the trader gets possession of the goods which are not for own use but for resale. Purchases can be of two types. viz, cash purchases and credit purchases. If cash is paid immediately for the purchase, it is cash purchases, If the payment is postponed, it is credit purchases.
Sales Meaning
When the goods purchased are sold out, it is known as sales.
Here, the possession and the ownership right over the goods are transferred to
the buyer. It is
known as. 'Business Turnover’ or sales proceeds. It can be
of two types, viz., cash
sales and credit sales. If the sale is for immediate cash
payment, it is cash sales. If
payment for sales is
postponed, it is credit sales.
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