Accounting Management

Patient 1, 2, 3 - Income (Sales), the service or treatment that was provide to the patient or client

Creditor 1, 2, 3 - Expense (Purchases), the goods that you have purchase or service you have paid

Income account INC1 - Income Ledger account (Income statement ledger accounts)

Stationary EXP8, Groceries EXP20 - Expense Ledger accounts (Income statement ledger accounts)

Debtors, Creditors and VAT Control accounts - Balance sheet ledger accounts

A - The Rand value VAT that must be paid over to SARS (Output Tax minus Input Tax)

Creditor 1 is a Non VAT registered vendor

CN - Credit Note

Examples of 14% VAT Income and Expense