Receipts & Payments Account

Receipts & payments accounts

Receipts & payments accounts

What is a receipts and payments account?

• A receipts and payments account is a simple cash book 

  • They are prepared each year by clubs and societies

• Clubs and societies use the account to record receipts and payments

  • Amounts are not separated into cash or bank transactions

  • They are summarised as money in and money out

What is the layout of a receipts and payments account?

• A receipts and payments account is prepared in a similar way to a cash book

  • Amounts received are debited

  • Amounts paid are credited

• Receipts might include:

  • Subscriptions from members

  • Sales revenue from trading activities of the club

    • Such as selling refreshments

• Payments might include:

  • Expenses for utilities

  • Purchase of inventory for the trading activities