Your Daily Cash Sheet

If your business makes sales on a daily basis, then you need controls on the cash received. It's your money, so learn how to protect it. Remember the term "cash" also includes cheques, money orders, and credit card slips.

Inadequate cash records can result in the following:

• A recordkeeping and accounting headache
• Added time and expense preparing financial statements
• Overpayment (or underpayment) of income tax
• Employee dishonesty

Sales should be recorded on a cash sheet, such as in the example which follows.