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You should document the operating income and expenditures of your company well, not least because doing so helps to assess its success and financial state. At the end of the fiscal year, the HMRC also needs a detailed final balance sheet for your company in order to determine the amount and type of your taxation. But how do daily account dealings look? To be able to document your cash payments in accordance with regulations, you need a cash book. But what exactly is that? And who is required to use cash book accounting? Here, we outline the most important fundamentals and explain how to correctly keep your cash book. Contents What is a proper cash book? For whom is cash book accounting required? How do I keep a cash journal? Benefits of electronics cash book accounting What risks do you run with faulty bookkeeping? What is a proper cash book? Many business owners now earn their money through cash-free payments (such as transfers, direct debits, credit card

Legal requirements for cash registers Do you run a company that generates all, or parts of its revenues, from cash transactions? If yes, then the   cash register records   are the basis for your company’s taxes. You should therefore carefully document all business transactions to meet the requirements of the HMRC (Her Majesty’s Revenue and Customs. It is common for business owners who incur a large number of daily cash receipts and expenditures to use an electronic checkout system. A few benefits of using these include: Enabling clear, careful reporting Facilitating cooperation with the HMRC and other financial authorities Protecting against theft and fraud (particularly from staff) Providing interfaces to professional merchandise management systems In principle, cash processing systems are subject to the same   recording and retention obligations   as accounting systems. This article will tell you what you need to consider when using these systems, as well as how to d

The cash book is one of the most important accounting books for corporate bookkeeping. In the form of a simple document, often an Excel spreadsheet, the cash book is used to record a   company’s cash payments . After all, if the annual financial statements are due at the end of the fiscal year, the IRS doesn’t only want to see the transactions done via debit or credit, but also a list of all cash transactions. Keeping a cash book helps ensure that this list is complete. Corresponding templates are a great help. The advantage of a   digital cash book format using an Excel spreadsheet : It’s quick, clear, and the entered amounts are automatically offset against each other. In this way, digital cash book templates offer a direct overview of the financial situation of a company and spare the need for time-consuming calculations – where errors can easily creep in. A cash book template also has advantages for all self-employed individuals – regardless of whether you’re obligated to k