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Holly Ocasio Rizzo

Guide to Handling Cash Receipts

Set up a plan to keep records quickly and easily every day

By Holly Ocasio Rizzo, Writer and editor, Holly Ocasio Rizzo

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:
  1. Establish a cash-management system.
  2. Track cash receipts daily.
  3. 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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Related Resources

Recommended Solution Providers

Find Accounting Software
Use a free, independent search for accounting software, with customized buyer’s guide.

Sage Software
Simply Accounting, Peachtree and other accounting systems help you manage cash sales and receipts.

Intuit
Quicken Premier Home & Business and QuickBooks help you track sales and receipts.

NetSuite
Online integrated business management system includes cash sales, Accounts Receivable and inventory.

Microsoft Small Business Financials
Money Small Business and Microsoft Small Business Financials help you streamline cash sales and receipts.

MYOB
Several small-business accounting software products for Mac and Windows manage cash sales and other financials.

Intacct
Web-based SAS 70-certified financial application includes cash sales.

NEBS
Buy standard or customized sales receipt forms.

Best Sites to Learn More

AllBusiness: Finance and Accounting
Business accounting and finance advice addresses bookkeeping and accounting software.

About: Small Business Information: Tax and Accounting: Accounting
Find sites related to small business accounting.

Best Blogs and Forums

QuickBooks Community Forum: Accounts Receivable and Customers
Customer- and sales-related posts feature general and QuickBooks information.

Accounting.com Forum
View questions and answers on accounting procedures and accounting software.



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