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Businesses that operate on a cash-only basis need to retain a cash receipts journal. Some journal is divided in columns for: the date about each transaction; cash received for merchandise sales: sales discounts: and any functioning total about the cash received from each purchase. This keeps accurate business records. It additionally aids you track the effectiveness of your business and supports your business tax returns. Maintaining a regular cash receipts journal over time will permit you to predict cash flow and watch patterns with your business sales.

Difficulty: Moderate

Instructions

Things You'll Want

Accounting ledger Computer accounting software or an on-line program

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1 Decide to track all cash receipts using either any hard-destined accounting ledger or any computer ledger. Staples, Office Depot and OfficeMax sell difficult-destined ledgers. Buy small business software such as, Quicken, Quickbooks, Simple Accounting, Peachtree. Download for free or purchase online cash receipt journals. Pick the cash receipts journal that best fits the conditions of your enterprise.

2 Enter the date of the cash purchase from the purchase receipt. Make sure the date and all information correspond by way of the written obtain receipt.

3 Enter the cash amount received from the patron. Cash for junk cars nyc Cash for junk cars new.

5 Subtract the sales discount from the cash received. Write a zero with a line through it if here was no sales discount offered.

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Tips & Warnings

Businesses that perform some big volume of cash receipts may want to quantity each receipt they receive and create some column to note that number along together with the additional facts about the transaction. Offer your company through a storage system for each receipt received. If you do not monitor your cash receipts journal every day, receipts can make lost and funds entires may not be accurate. Periodically, test your journal with your deposit statements.

Advocate item

University-Cram: Cash Receipts Journal Business: Guide to Handling Cash Receipts

Resources

U.S. Small Business Administration: Control Your Business

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