Document All Of Your Business' Cash Transactions With A Cash Receipt
A cash receipt is a document that is used to record cash
, checks, and credit card deposits made to a company's bank account. Though the functionality of the cash receipt may not vary, the accounting procedures may differ for different branches of a company. For a company using a computerized accounting system, tracking the cash receipt from initiation to approval is done by creating a special cash receipt form that holds information that can be used to process it through the company's automated accounting system. Each transaction is created as a unique transaction to enable tracking throughout the accounting process.The computerized cash receipt shall have a system generated transaction processing document number also containing a status code, initiator name, date the cash receipt was created, amount of deposit and name of the branch or department issuing the cash receipt. Also, the following information needs to be entered into the cash receipt and these are description of the transaction, document number, deposit date and an explanation field that is optional and is used to provide additional details of the transaction.
To facilitate the accounting process the following information also needs to be entered: account number to which the deposit is to be posted, the object code to which the deposit is to be posted, a description which will appear in the monthly operating system, an invoice field that is used for the Accounts Receivable system, the amount that is to be posted to the account code as well as the object code, and finally, the total amount of the deposit.
In case of a check deposit there shall appear at the bottom of the cash receipt form a check field that is to be used to record the check amount deposited. The check details shall consist of check number, check dates, description of the name of the person or company from whom the check has been received and finally, the amount of deposit. In case of foreign currency there will also be a column to record the type of currency of the deposited amount. Also, the different denominations and number of coins received can be specified in the cash receipt. Mostly, credit card details may not be used in all departments of the company.
In addition, there may also be some sales tax levied and this needs to be reported to the Sales Tax Authorities. At the end of the year, there may also be some additional reports to be made such as gross sales, taxable sales as well as the amount of sales tax remitted.
All this information needs to be recorded on the cash receipt form and one way of getting the pro-forma cash receipt form readied is to buy a formatted document that has all the relevant information contained in the document. There is no need to do time consuming research nor do you require toiling over what the cash receipt should contain and what to omit as this has all been researched and done according to market needs by vendors of these formatted documents. For the price and for the convenience that is afforded by such formatted documents, the buyer will get the advantages of ready to use forms as well as having the facility of tailoring it to meet individual needs at no additional cost.
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