Electric payment systems are now becoming more commonplace in society. The majority of payments are now made via a number of electronic payment methods, and can be made in person, over the phone or online. However, cash still plays a part in many business transactions.
The Australian Taxation Office (ATO) has provided a list of ways to track your cash transactions:
- Reconcile sales at the end of each day. This will easily help you to identify any cash discrepancies immediately.
- Keep receipts and record them, if you use case for business purchases, or your accounts will not balance.
- Ensure you records all invoices paid which use your business’ cash. Cross-reference your payment details with the relevant invoice numbers.
- Avoid using business money to pay for personal purchases.
These may seem obvious, but they will help make managing cash payments easier.
For more information, visit the ATO website.