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Cash Payments Journal

Credit purchases, regardless of their nature or terms, eventually must be paid. This requirement is the basis for the cash payments journals. The Cash Payments Journal is used any time that there is an outlay of cash, regardless of the reason. Cash payments will automatically call for the use of this multicolumn special journal. The form that the cash payments journals takes will basically is dependent upon the needs of the organization. The multicolumn cash payments journal has special columns for accounts payable, purchases, purchases discounts and cash.  While recording in the last three account columns, no posting is made from these columns during the month. Since the nature of the entries to each individual column is the same, time and labor is saved in posting at the end of the month. The accounts payable column records the reduction in liabilities to individual creditor accounts. This column is posted daily to the subsidiary accounts payable ledger. Since the accounts payable account in the general ledger presents a summary of the postings to the subsidiary ledger accounts, it is necessary to post the total of the accounts payable column at the end of the month as part of the summary entry.

Where there are a substantial number of cash payments dealing with a specific item such as salaries, the account may choose to introduce another special column such as salaries expenses. If this column is used, posting would be made in summary at the end of the month only. Where a special column does not exist the debited account is named in the account debited column and the general accounts debited column records the amount. Since there are numerous different accounts records in this column, posting must be made on a daily basis.

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