Data Entry of Sales and Collection

Data entry is the process of recording information in a database for later processing and strategy planning. In accounting, data entry is the fundamental first step towards ensuring the business has accounts that are accurate and up to date by keeping track of the money going in and out of the business.

Data entry is an incredibly mundane yet critical task. If the numbers are entered into the wrong account, the company’s entire financial statement will not tally, and it becomes difficult to assess the company’s financial health and profitability.

When data entry is done right, it also makes compiling paperwork a breeze when the tax and audit season arrives as all receipts and invoices have already been accounted for. Some business owners find themselves putting down paying work in order to do their accounting, and this creates unnecessary stress which could have been easily avoided had a proper data entry process been put in place.

Data entry is the process of recording information in a database for later processing and strategy planning. In accounting, data entry is the fundamental first step towards ensuring the business has accounts that are accurate and up to date by keeping track of the money going in and out of the business.

Data entry is an incredibly mundane yet critical task. If the numbers are entered into the wrong account, the company’s entire financial statement will not tally, and it becomes difficult to assess the company’s financial health and profitability.

When data entry is done right, it also makes compiling paperwork a breeze when the tax and audit season arrives as all receipts and invoices have already been accounted for. Some business owners find themselves putting down paying work in order to do their accounting, and this creates unnecessary stress which could have been easily avoided had a proper data entry process been put in place.

Collection

Collection refers to the function of accounts receivable which collects the money or payment from a business or individual with whom the company has issued an invoice.

Typically, every invoice is issued with a term of payment, and the accounts receivable collects the money according to the agreement on the invoice.

Whether or not the collection is completed, the accountant keys in the details of the collection in the accounting software to record the transaction. Details include the method of collection (cash, cheque, credit card, online bank transfer, etc), date and time of collection, and the amount collected. If the collection was not completed, the accounts receivable will make note of this in the accounting software as well.

Collection refers to the function of accounts receivable which collects the money or payment from a business or individual with whom the company has issued an invoice.

Typically, every invoice is issued with a term of payment, and the accounts receivable collects the money according to the agreement on the invoice.

Whether or not the collection is completed, the accountant keys in the details of the collection in the accounting software to record the transaction. Details include the method of collection (cash, cheque, credit card, online bank transfer, etc), date and time of collection, and the amount collected. If the collection was not completed, the accounts receivable will make note of this in the accounting software as well.

How to do Data Entry of Sales?

Simply put, data entry of sales is the process of keying in all sales made in the day. The information typically includes:

Details of the clients or customers, or the corresponding party of the sale transaction (this may not be necessary for businesses with retail outlets)
Date and time the sale was made
The item or service sold and the value it was sold for

The accountant enters this information into the accounting software in use and assigns the transaction into the correct account in the company’s ledger, after which, management is able to generate a profit and loss report.

At InTune Outsourcing, we help our clients key in their sales as well as other bookkeeping duties and generate profit and loss report. Outsourcing the data entry function of your accounting department alone will free up significant time for more income-generating activities.

Are you finding it challenging to capture data in an accurate and timely manner? Call or email us today to find out how we can help you.

Simply put, data entry of sales is the process of keying in all sales made in the day. The information typically includes:

Details of the clients or customers, or the corresponding party of the sale transaction (this may not be necessary for businesses with retail outlets)
Date and time the sale was made
The item or service sold and the value it was sold for

The accountant enters this information into the accounting software in use and assigns the transaction into the correct account in the company’s ledger, after which, management is able to generate a profit and loss report.

At InTune Outsourcing, we help our clients key in their sales as well as other bookkeeping duties and generate profit and loss report. Outsourcing the data entry function of your accounting department alone will free up significant time for more income-generating activities.

Are you finding it challenging to capture data in an accurate and timely manner? Call or email us today to find out how we can help you.

Every SME Can Become Large

InTune Outsourcing - Creating Financially Driven Businesses and Entrepreneurs.

Show Me How

Every SME Can Become Large

InTune Outsourcing - Creating Financially Driven Businesses and Entrepreneurs.

Show Me How