Types of clients in accounting to be successful
Posted: Sun Dec 22, 2024 6:19 am
Before you even start recording your sales for the day, remember to check your beginning balance. This will be used later to calculate your end-of-day balance.
2. Record all entries and exits made during the day
This is an essential step for the overall control of your company. Be sure to record all cash-related transactions, such as:
Sales made: identify what was sold, the payment method and the amount.
Refunds : Was any money taken from the cash register and returned? Remember to record this as well.
Reinforcements : if you have added any money from outside the cash philippines code number register, as possible change, you must make a note of it.
Cash withdrawal : Did you need to withdraw an amount that was not planned? This is considered cash withdrawal and also needs to be recorded in detail (amount, date and reason).
3. Hold the conference at the end of the day
Every day, at the end of your workday, review all the values you have written down. This is important to identify any errors and correct them in time, while the information is still fresh in your mind.
Therefore, check whether the money in the cash register matches the sales recorded, invoices issued or expenses paid.
This way, if you identify any discrepancies between the values, you can correct and investigate the error before closing the cash register.
4. Close the cash register
This is the time to finalize the cash register and officially close it. You should store the final balance.
READ ALSO
Customer service trends that will mark 2023
When to close the cash register?
But, after all, when is it necessary to close the cash register?
Know that this is a process that should become routine in your company – especially if your business is a physical point of sale.
Therefore, it is necessary to close the balance sheet every day. From there, you can define balance and closing periods that make sense for your business.
For example, you can decide to do a monthly or quarterly balance sheet. Doing a year-end cash closing can also be great for your balance sheet and financial control.
2. Record all entries and exits made during the day
This is an essential step for the overall control of your company. Be sure to record all cash-related transactions, such as:
Sales made: identify what was sold, the payment method and the amount.
Refunds : Was any money taken from the cash register and returned? Remember to record this as well.
Reinforcements : if you have added any money from outside the cash philippines code number register, as possible change, you must make a note of it.
Cash withdrawal : Did you need to withdraw an amount that was not planned? This is considered cash withdrawal and also needs to be recorded in detail (amount, date and reason).
3. Hold the conference at the end of the day
Every day, at the end of your workday, review all the values you have written down. This is important to identify any errors and correct them in time, while the information is still fresh in your mind.
Therefore, check whether the money in the cash register matches the sales recorded, invoices issued or expenses paid.
This way, if you identify any discrepancies between the values, you can correct and investigate the error before closing the cash register.
4. Close the cash register
This is the time to finalize the cash register and officially close it. You should store the final balance.
READ ALSO
Customer service trends that will mark 2023
When to close the cash register?
But, after all, when is it necessary to close the cash register?
Know that this is a process that should become routine in your company – especially if your business is a physical point of sale.
Therefore, it is necessary to close the balance sheet every day. From there, you can define balance and closing periods that make sense for your business.
For example, you can decide to do a monthly or quarterly balance sheet. Doing a year-end cash closing can also be great for your balance sheet and financial control.