A business must have strict financial rules and accounting system to perform , record, report and control the cash and banking transactions. Proper recording and accounting of cash and banking transactions are important to achieve the following objectives.
* To have systematic and permanent record of all cash and banking transactions in a separate book.
* To obtain reliable and detailed information of all cash receipts and payments easily and immediately.
* To keep effective control over misappropriation of cash and banking transaction.
* To know the main sources and heads of payment of cash.
* To know cash and bank balances.
* To help to prepare cash budget and to avoid the possibility of having excess or shortage of cash.
* To make the cashier and other concerned officers accountable for all cash and banking transactions.
* To have systematic and permanent record of all cash and banking transactions in a separate book.
* To obtain reliable and detailed information of all cash receipts and payments easily and immediately.
* To keep effective control over misappropriation of cash and banking transaction.
* To know the main sources and heads of payment of cash.
* To know cash and bank balances.
* To help to prepare cash budget and to avoid the possibility of having excess or shortage of cash.
* To make the cashier and other concerned officers accountable for all cash and banking transactions.
0 comments:
Post a Comment