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A menu of transactions for customers, vendors, and employees can be accessed from the navigation bar.
What is a business transaction ?
A business transaction is a monetary exchange of products, money, or services that takes place between two or more parties. A commercial exchange must have a measurable monetary value in order to be documented for accounting reasons. Only then can it be considered a business transaction.
Cash and credit transactions
Cash Transaction: A transaction is categorized as a cash transaction if the payment was made or received at the time the transaction took place in cash.
Credit Transaction: The payment is made after a certain length of time, also known as the credit period, in a credit transaction. As an illustration, Mary wishes to buy a couch from a furniture store. The shop gives customers 30 days to pay in place of at the moment of the transaction. Mary will be expected to pay for the couch after the 30-day credit period, even though cash is not used at the time of the sale.
Internal and external transactions
Internal Transaction: When no outside party is involved in a business transaction, it is referred to as an internal transaction. Despite the absence of a value transaction with a third party, a monetary event has occurred that has an impact on the accounting for the firm. Depreciation on a fixed asset or asset loss are two examples of this.
a third-party transaction, exchange transactions, also known as external transactions, take place when there are two or more parties participating in the transaction. These transactions typically occur every day and include things like buying items, paying rent or utilities, or paying staff.
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