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Explain the sales day book and give its format
It is a manual ledger document, which contains information of sales made by a person on a business day. It is also called a sales register.
Management analyses the effective amount after reconciliation every month. Sales day book is a subsidiary book, which maintains the overall sales and updates the sales every month end.
It records all non-cash transactions related to sales. If a company sells any asset or investment on credit, these transactions are not recorded in the sales book, but those are recorded in a proper journal.
Sales day book is also called a sales book/ sales journal/ sold book etc. It records the sales done by the company on credit in chronological order.
The format of sales day book is as follows −
|Date||Name of supplier||Ledger folio||Inward invoice number||Amount|
Details recorded in purchase book as per format are as follows −
- Name of suppliers − Particulars of suppliers etc.
- Ledger folio − This is for reference
- Invoice number − This is for reference
- Amount − Amount due to supplier.
The advantages of sales day book are as follows −
- Daily credit sales are recorded.
- Customers from whom they can anticipate cash are easily identified.
- Accountability for small and medium size businesses.
- Summarizes sales information.
- Information is collected from a granular level.
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