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Simply put, a cash receipt is recognized when an entity receives cash from any external source, such as a customer, an investor, or a bank. Typically, this cash is recognized when money is received from a customer to offset the accounts receivable balance generated when the sale transaction occurred.
Businesses can operate in a variety of fashions, some of which sell products and services on credit (expecting cash payment at a later time), and some require immediate cash payment upon selling a good or service (cash sale). Regardless of the type of sales transaction, the cash receipt occurs when the customer provides the cash or check to the business as payment for the good or service received.
A Cash receipts journal is a specialized accounting journal and it is referred to as the main entry book used in an accounting system to keep track of the sales of items when cash is received, by crediting sales and debiting cash and transactions related to receipts. Sales on account are booked instead in the sales journal.
Cash receipts journal is considered as the separate part of Cash account/cash book as it records the cash inflow of the business. The source document of this prime entry book is Receipt.
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