In order to take control of your financial recordkeeping, you must accurately record your day-to-day sales, purchases, and other transactions. Specifically, you need to record: |
You record daily sales in a sales journal. To simplify your bookkeeping, we recommend a combined sales and cash receipts journal. With a journal that ... |
There are many different types of sales journals and cash receipts journals available. To simplify your bookkeeping, we recommend a combined sales and cash receipts journal. If you are going to be ... |
A typical small business has a variety of different types of cash transactions, which should be recorded in a number of different places: |
A cash sheet is a daily reconciliation of cash received and cash paid out. If a lot of your business is transacted in cash, such as in a retail store, you should prepare a cash sheet at the end of ... |
Prepare a bank reconciliation when you receive your bank statement every month. This is a very important part of your cash control procedures. It verifies the amount of cash you have in your checking ... |
A cash disbursements journal is where you record your cash (or check) paid-out transactions. It can also be called a purchases journal or an expense journal. |
Set up a petty cash fund if you need cash on hand to pay miscellaneous small expenses of your business. |
Accounts receivable are unpaid customer invoices, and any other money owed to you by your customers. The sum of all your customer accounts receivable is listed as a |
Accounts payable are the unpaid bills of the business; the money you owe to your suppliers and other creditors. The sum of the amounts you owe to your suppliers is listed as a |
