Capturing every revenue transaction promptly and accuratelyis a critical phase of bookkeeping.
First it is critical to capture the revenue. Second this will allow the business to tie-out cash and receivables accurately.
If you cannot tie-out cash and receivables your internal control system is inadequate.
Whatever system you use, it must be customized to your type of business and your specific circumstances.
Cash** only
Cash and billing on account (generating receivables)
Billing accounts only (generating receivables)
Prepayments / retainers
Single transactions (e.g., car dealers) per customer
Consult your accounting and tax advisors, and possibly your IT advisors, for assistance with customizing and monitoring your revenue accounting.
** "cash" meaning currency, checks, debit and credit cards, portal sales (Pay Pal), wire transfers and any other financial transfer means
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