Calculating cash receipts is not difficult provided the vendor collecting the cash has a system in place for recording each sale. A cash receipt is the printed record of a sale between a vendor and a customer. When a vendor makes a sale, the customer will usually receive a receipt for the completed purchase as evidence that the transaction took place at the price recorded on the receipt. Vendors can keep track of all sales by recording the cash receipts in a cash receipts journal.
Things You Will Need
Cash receipts
Cash receipts journal
Business checking account
Record the completed transaction of a sale on a cash receipt. Include on the cash receipt the final sale price, the quantity purchased, the time of sale and the date of sale. Each cash receipt should have its own invoice number.
Enter each cash receipt's information into your cash receipts journal. Each receipt should have its own entry line in the journal. Organize your journal in a way that makes sense for your business. For instance, a used car dealer might segment the journal by vehicle make and model.
Deposit all cash received from sales into your business checking account in a timely manner. All payments received for sales in cash should be deposited on the close of the business day if possible.
Reconcile your business checking account statement with your cash receipts journal. Add up all cash receipts recorded in your cash receipts journal for a given time period and compare this to the deposits made into your checking business account. For instance, if your business checking statement for the most recent month showed you deposited $14,000 and your cash receipts journal added up to $17,000 for the month, you would want to reconcile this discrepancy by looking at your accounts receivables and uncollected customer payments to identify the source of this discrepancy.
