Keeping Tabs On Your Cash. Lesson Goals: Entrepreneurs will learn: –Basic elements of a record keeping system –Records needed to meet tax requirements.

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Presentation transcript:

Keeping Tabs On Your Cash

Lesson Goals: Entrepreneurs will learn: –Basic elements of a record keeping system –Records needed to meet tax requirements –How to track business profitability in a timely manner –The importance of maintaining a record keeping system Keeping Tabs On Your Cash

Records Provide Information About profitability To make sound business decisions To set profitable prices To alleviate financial errors To complete your tax forms Keeping Tabs On Your Cash

Keys to an Effective Recordkeeping System Simple Easy to understand Reliable Accurate Consistent Provide information on a timely basis Keeping Tabs On Your Cash

Checkbook Keeping Tabs On Your Cash Bank Statement If the checkbook’s ending balance agrees with the bank statement’s ending balance, then you are ready to reconcile. Period beginning balance Funds deposited Checks written Ending balance

Elements to Include in Your Financial Records Incoming Merchandise/Supplies Outgoing Merchandise or Services Incoming Money (receipts) Outing Money (payments) Equipment purchases and depreciation records Reports Keeping Tabs On Your Cash

Incoming Merchandise & Supplies Copies of purchase orders Verified packing lists or receiving logs Inventory sheets or records Keeping Tabs On Your Cash

Outgoing Merchandise/Services Sales slips Return receipt records Work order Credit customers billing Keeping Tabs On Your Cash

Incoming Money Cash report Checking deposits Credit customers accounts Keeping Tabs On Your Cash

Outgoing Money Check register/canceled checks Petty cash vouchers Invoices (accounts payable) Keeping Tabs On Your Cash

Reports Daily cash report Income statement Balance sheet Keeping Tabs On Your Cash