How to Manage Your Cash Transactions More Effectively
Every organization has the dread that when cash transactions are involved, an employee or volunteer may not record the exchange satisfactorily, whether the fear is real or not. Even where an accidental failure to record the sale using a cash receipt book takes place, how are you going to balance your records afterward?
Keeping Track of Your Cash Transactions
However formal or informal your organization or charity trades, it is important to use a cash receipt book to prove that the exchange took place to protect the employee, the consumer and the organization.
By using professionally printed cash receipt books, you will be using one of the most efficient ways to keep your records and money updated effectively.
You will need the information to update your sales and cash receipts journal. You may use the daily cash sheet so that you can reconcile all your figures at the end of a specific day.
Once the figures are reconciled, it is easy to present the cash and records to the authorized individual and to update any deposits that are required into your bank account.
You may manage a cash disbursements journal to show all your outgoings that are paid by cash and these will be balanced in your overall cash journal to show money going in and going out where all payments are made in cash.
By reconciling your bank account information, whether you do this daily, weekly or monthly, you will be able to provide all the salient information required by any tax inspector, accountant or individual that requires an understanding of how the cash is dealt with in your organization.
This helps reduce bookkeeping errors and can keep you on top of the accuracy of all the figures, particularly showing the cash moving in and out of your business.
This rapidly reduces the opportunity for employees to steal physical cash from your organization as it will be obvious where the money went missing and who was involved when your record-keeping is regular and accurate.