Has anyone done AAT??? I really need help!

[CharacterFail]

I’m sitting my exam tomorrow. It’s the Using Accounting Software unit.

I’ve attached a picture of what I’m confused by. What does “on account” mean?

I’m so far behind and I’m convinced I’m going to fail tomorrow 😭

That there's no invoice to match it to so the cash will be sitting unallocated on the sales ledger account?

Disclaimer - it's 14 years since I did AAT!

A payment on account is an upfront payment which puts the account into credit and then is reduced each time an invoice is applied. (I hope that makes sense)

Thank you thank you thank you. That’s a huge help ☺️ I’ll still probably fail but I’m going to give it my best shot!

Hope you managed :)

Cucumber explained it perfectly!

For example ‘on account service charge’ people pay in advance based on a budget and then it is held to pay off the actual service charge billed.