Set record in the Professional Receipt

Aug 6th, 2022
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How to set record in the Professional Receipt

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hi guys Sarah here from Merida glue and today I want to do a video about record keeping now if you are an entrepreneur self-employed work out of your home you know that record keeping can be kind of a daunting task especially if you put it off until the end of the year so because it is a new year I thought this was the perfect time to talk about seven tips to make record keeping an easier task for you and something that you can stay on top of now I personally run a daycare out of my home so I have all kinds of record-keeping things to keep track of I have to keep track of my mileage my expenses payments bills for utilities food program attendance and meals Ive served state-sponsored assistance paperwork and all kinds of Licensing documents for myself and for the children today I thought itd be best just to talk about those expenses and things for tax related purposes because that applies to anybody whos self-employed not just daycare workers so I thought this would be a great topic

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The debit side of the account records all the receipt amounts i.e all the cash that flows in. The left-hand side of the account records all the credit transactions under the payments title i.e cash outflow. For example, The balance b/d shows the opening cash figure.
A cash receipts journal is used to record all cash receipts of the business. All cash received by a business should be reported in the accounting records. In a cash receipts journal, a debit is posted to cash in the amount of money received. An additional posting must be made to balancing the transaction.
Below is a list of 13 different types of receipts: Bank transaction receipts. Transaction receipts. E-receipts and digital receipts. Purchase receipts. Reimbursement receipts. Paper receipts. Business receipts. Credit card receipts.
The name address of the vendor providing the goods or services. The date that the specific services were received or items were purchased. Itemization of the services and/or goods and pricing. Final amount due and evidence that it was paid.
However, there are four details that should appear on every kind of receipt: Text that describes the transaction. The amount, quantity, and/or value of any money or goods exchanged. The date of the transaction. A signature of authorization (this may be omitted for electronically generated purchase invoices)
Receipts are an official record that represents proof of a financial transaction or purchase. Receipts are issued in business-to-business dealings as well as stock market transactions. Receipts are also necessary for tax purposes as proof of certain expenses.
Your bookkeeper will collect, record and file your receipts in a reliable and accurate way. They will follow important rules to keep your records up to date, without any gaps. They also check or reconcile spending against your bank account to make sure nothing is missed.

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