Good cash-receipt handling contributes to good cash-flow management. Over time, it allows you to see patterns in your business income, so you can more accurately predict when your cash-flow needs will occur. Your handling of cash receipts also supports information you report on tax returns. To handle receipts effectively, you'll need to take three steps:
- Establish a cash-management system.
- Track cash receipts daily.
- Keep accurate records.
Action Steps
The best contacts and resources to help you get it done
Set up a system
Follow a specific procedure for handling cash receipts and keeping records of what came in and how it was deposited.
I recommend: A checklist from the
Small Business Administration can keep your cash-receipt operations on track.
Count it daily
Use a daily summary sheet to account for coins, bills and checks in the cash drawer.
I recommend: Get daily summary forms at
AllBusiness.
Keep accurate records
Keep track daily of cash receipts; your main tools will be duplicate deposit slips and a cash receipts journal.
I recommend: Staples and
Office Depot sell accounting books in which to keep a cash receipts journal.
AmSouth Bank shows how to make journal entries.
Put Intuit's QuickBooks to work
Business-accounting software and online solutions keep the records, do the math and formulate reports. Their purchase is usually tax deductible.
I recommend: Compare products at
QuickBooks.
Tips & Tactics
Helpful advice for making the most of this Guide
- The task becomes most manageable when you post cash receipt promptly in your accounting journal or software.
- Keeping records helps you to separate the business income from other income.
- Accurate accounting of receipts becomes crucial when answering questions from the Internal Revenue Service.
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