CASH Receipts PDF

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CASH RECEIPTS

CASHI ER/ TREASURER

CUSTOMER

PAY CASH

Paymentof Cus t omer Account

DEPOSI T TO THE BANK

UPDATE THE LOGBOOK

Paymentof I t emsSol d

The flowchart above shows the actual cash receipt process of Poblacion Ibabao SLPA General Merchandise. Based on the flowchart, respective customers of SLP General Merchandise pay cash on their accounts payable or the items they bought. These payments are given to the cashiers and afterwards the cashier update the payments of the customer in the SLP Logbook. In addition, the collected cash is deposited intact by the treasurer weekly.

OFFI CI AL RECEI PT / I NVOI CE

CUSTOMER

PAY CASH

GENERAL LEDGER

CASH RECEI PT JOURNAL

The flowchart above shows the usual practice of cash receipt process in accounting industry. Whereas, the customers pay cash and an official receipt will be issued for internal control. The receiving department will entry this transaction to Cash Receipt Journal and later on will be reflected in General Ledger. In accounting, journals are used to record similar activities and to keep transactions organized. One of the journals that lacks the Poblacion Ibabao SLP General Merchandise is a cash receipts journal, a record of all the cash that a business takes in. It is reserved specifically for activities that involve receiving cash. Cash can be difficult to track, and if it is not properly accounted for, businesses could experience employee theft or misplaced money. Some business owners may use cash for expenses or purchases and forget to account for it properly. This is not only an improper business practice, but it may cause other issues, like incorrect income report and create many inaccuracies in a business’ accounting records.

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