Wholesalers provide a bill for the total amount. We conduct business for a month and then pay them in cash or by cheque, depending on the date. We have a 30-day timeframe. If I go to the village, the payment will be delayed as there is no one to make the payment in my absence. I have to make adjustments once I return. I mostly give cheques and do not use Google Pay or PhonePe as I am not familiar with them and there is a risk of the payment going to the wrong people. I have been cheated once before when a customer claimed to have paid 1180 but I did not receive the money. It turned out that the customer did not have enough balance, and I received a message regarding the same. Therefore, I do not use it. I had a negative experience with it in the past. Now, I know how to check the payments from customers. I confirm whether the money has been credited to my account before delivering the items.
Recently payments through UPI has increased, small payments that is around 10k rupees. I get those through UPI and the bigger payments are done through Checks and bank transfer
Yes, I return it and the company people deduct it from my account. I make payments via cheque or cash.
I already told you, we don't get any credit period. We just get a site. For example, if I bring the material today, then I can give them a cheque and it will be cleared in 8 to 15 days. Only that much. Some vendors ask for eight days, and some ask for a cheque or cash. Now everyone is asking for cash.
Payments for an entire year, which are different for my shop, require a statement for us to order and use for calculations. We need to determine how much we paid to the parties involved. This is my personal account, and I have a separate account for the business. We can calculate the payments from here. We make cheque payments, so that provides us with all the necessary information. I also have a bank statement.
We don't maintain any accounts for sales. Whatever comes and whatever items we sell, we just write down that only. We have not done any consolidation. We have not recorded our earnings. We simply sell and buy items. If we have a good sale, we can record our income and expenses. We deposit money in the bank and keep a check of our bank account. When we receive items, we give them a cheque, so we know how much money we are paying.