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    Cash Receipts

    Uploaded by

    Emerson
    The document describes the cash receipt process for Poblacion Ibabao SLPA General Merchandise. Customers pay cash for their accounts or purchases, which is given to cashiers. The cashiers record the payments in a logbook. The treasurer deposits the collected cash into the bank weekly. The flowchart is missing a cash receipts journal, which should be used to record all cash received to properly track money and prevent issues like theft or inaccurate financial reports.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Cash Receipts

    Uploaded by

    Emerson
    71 views2 pages
    The document describes the cash receipt process for Poblacion Ibabao SLPA General Merchandise. Customers pay cash for their accounts or purchases, which is given to cashiers. The cashiers record the payments in a logbook. The treasurer deposits the collected cash into the bank weekly. The flowchart is missing a cash receipts journal, which should be used to record all cash received to properly track money and prevent issues like theft or inaccurate financial reports.

    Original Description:

    cash receipts

    Original Title

    CASH RECEIPTS

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    The document describes the cash receipt process for Poblacion Ibabao SLPA General Merchandise. Customers pay cash for their accounts or purchases, which is given to cashiers. The cashiers record the payments in a logbook. The treasurer deposits the collected cash into the bank weekly. The flowchart is missing a cash receipts journal, which should be used to record all cash received to properly track money and prevent issues like theft or inaccurate financial reports.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    71 views2 pages

    Cash Receipts

    Uploaded by

    Emerson
    The document describes the cash receipt process for Poblacion Ibabao SLPA General Merchandise. Customers pay cash for their accounts or purchases, which is given to cashiers. The cashiers record the payments in a logbook. The treasurer deposits the collected cash into the bank weekly. The flowchart is missing a cash receipts journal, which should be used to record all cash received to properly track money and prevent issues like theft or inaccurate financial reports.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    CASH RECEIPTS

    CUSTOMER CASHIER/ DEPOSIT TO


    TREASURER THE BANK

    PAY
    UPDATE THE
    CASH LOGBOOK

    Payment of
    Payment of
    Customer
    Items Sold
    Account

    The flowchart above shows the actual cash receipt process of Poblacion Ibabao SLPA
    General Merchandise. Based on the flowchart, respective customers of SLP General
    Merchandise pay cash on their accounts payable or the items they bought. These payments are
    given to the cashiers and afterwards the cashier update the payments of the customer in the SLP
    Logbook. In addition, the collected cash is deposited intact by the treasurer weekly.
    O
    F
    FI
    CI
    A
    L
    R
    E
    C
    EI
    P
    T
    PAY /
    GENERAL
    CUSTOMER IN
    CASH V LEDGER
    OI
    C
    E

    CASH
    RECEIPT
    JOURNAL
    The flowchart above shows the usual practice of cash receipt process in accounting
    industry. Whereas, the customers pay cash and an official receipt will be issued for internal
    control. The receiving department will entry this transaction to Cash Receipt Journal and later on
    will be reflected in General Ledger.

    In accounting, journals are used to record similar activities and to keep


    transactions organized. One of the journals that lacks the Poblacion Ibabao SLP
    General Merchandise is a cash receipts journal, a record of all the cash that a business
    takes in. It is reserved specifically for activities that involve receiving cash. Cash can be
    difficult to track, and if it is not properly accounted for, businesses could experience
    employee theft or misplaced money. Some business owners may use cash for
    expenses or purchases and forget to account for it properly. This is not only an improper
    business practice, but it may cause other issues, like incorrect income report and create
    many inaccuracies in a business’ accounting records.

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