1. Control Accounts

2. Creditors Control Accounts Creditors Control Account Source Opening BalanceFrom previous period Opening BalanceFrom previous period Payments to Creditors Cheque Payments Book Credit PurchasesPurchases Day Book Discount Received Cheque Payments Book InterestGeneral Ledger Account Returns OutPurchases Returns Day Book Bills PayableGeneral Journal ContrasGeneral Journal Closing balanceC/D to next periodClosing balanceC/D to next period

3. Creditors Control Accounts Creditors Control Account Source Opening BalanceFrom previous period Opening BalanceFrom previous period Closing balanceC/D to next periodClosing balanceC/D to next period Normally the Creditors opening balance is a credit but some accounts can have a debit balance. The creditor will owe money if the firm… 1.Overpaid an invoice. 2.Cleared the creditors account & later returned goods for a refund. 3.Cleared the creditors account & later received additional discount.

4. Creditors Control Accounts Creditors Control Account Source Payments to Creditors Cheque Payments Book Credit PurchasesPurchases Day Book Normal Transactions InvoicesPayments

5. Creditors Control Accounts Creditors Control Account Source 1. Discount ReceivedCheque Payments Book If an invoice is paid within 10 days Settlement discount is given.

6. Creditors Control Accounts Creditors Control Account Source Creditors Refunds Cheque Payments Book Returns InPurchases Returns Day Book If goods are returned they are credited. If these goods had been paid then the Creditor must issue a refund Cheque

7. Creditors Control Accounts Creditors Control Account Source Discount Received Cheque Payments Book InterestGeneral Ledger Account Interest is charged on overdue accounts Bills Payable are treated like cheques received Interest is charged on overdue accounts Bills Payable are treated like cheques received

8. Creditors Control Accounts Creditors Control Account Source ContrasGeneral Journal Contras are debts offset between debtor and creditor accounts for the same company