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Receipt and Payment Account: Definition and Features

Published on : November 10, 2019November 10, 2019 Published by : Paul Watson
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  • Receipt and Payment Account: Definition and Features

A receipts and payments account is a report of payments extracted from the cash book and actual cash receipts over a specific period. In this account, all capital and revenue paid and received by cash during a particular period are recorded. Each receipt are registered on the debit side, similar to the cash book.

The receipts are classified under main headings such as sundry receipts, interest, donations, life membership subscription, annual subscription, and entrance fees. Similarly, all the payments are registered on the credit side, under main headings such as printing and stationery, rates, taxes, salaries and wages, rent, and office expenses etc.

The account starts with the opening of the cash and closes at the end of the period. The receipt and payment account is considered as a mini statement of cash transactions. In this statement, no income or expenditure outstanding is recorded. Therefore, it fails to show the actual revenue or expense of a particular period.

Features Of Receipts And Payments Account

The primary features of the receipts and payments account are mentioned below.

  • It is a compiled mini statement of Cash Book.
  • It begins with opening Cash and ends with the closing balances.
  • In this account, receipts and payment are registered on the left-hand of the debit side and right-hand of the credit side, respectively.
  • Both capital and revenue of the receipts and payments are recorded.
  • The account includes every cash and bank receipts and payments of the present year.
  • Only transactions associated with cash and bank are recorded.
  • It eliminates all non-cash items.
  • The account is not associated with the double-entry system.
  • It is a replica of the cash book.
  • It gives information of cash only, and not deficit or surplus for the period.
  • It usually presents a debit balance.
  • The account is prepared at the end of an accounting period.

Advantages Of Receipts And Payments Account

Few top advantages of receipts and payments account are:

  • It gives a quick glimpse of total payment and receipt of different categories.
  • Cashbook verification can be done with the recorded information of the account.
  • It delivers classified reports of different categories of receipts and payments.
  • It issues data to prepare income and expenditure account.

Stay tuned to BYJU’S to know more about accounting concepts like income and expenditure account, balance sheet, accountancy MCQs, accounts sample paper, question papers, syllabus and Commerce notifications.

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