Your little balloon and toy shop has been booming since the first day you’ve opened it. Every day, the most sought out items in your shop are your adorable red balloons and captain kirk action figures. In fact, Your shop sells a total of 99 red balloons twice a day. In order to keep track of the tremendous amount of daily sales, you decided to adopt a system of recording, designed to record cash sales in a single and compact package. This system of recording is called the Cash Receipts Journal. A Cash Receipts Journal is a special journal designed to record daily cash transactions such as sales.
What is a Cash Receipt Journal?
A Cash Receipts Journal is an accounting form that records cash sales as reflected on individual sales receipts. This special type of accounting journal entry keeps track of individual sales the moment when cash is received from customers. Cash Receipts Journals are commonly formatted using the double-entry method of accounting and rarely use the single-entry method of accounting. In this special accounting journal, the cash sales amount is debited to the account while the product sold is credited. Cash Receipts Journals are only used in cash-based accounting.
FREE 5+ Cash Receipts Journal Forms in XLS
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2. Cash Receipts Journal Form Template
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4. Sample Journal for Cash Receipts
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6. Template for Cash Receipts Journal Form
What are Cash Receipts in Accounting?
Cash Receipts are sales documents that serve as a printed statement of sales. Cash Receipts are essentially useful in the accounting process as it is a raw record of a business’s income. They are usually printed in two copies where one is given to the customer upon receiving the payment of the sale while the other one is kept for accounting purposes. Cash receipts kept for accounting purposes often stack and pile up. Therefore, the facts and figures reflected on them should be reported in a single record, namely the cash receipt journal.
How to Prepare Cash Receipts Journals
The exponential growth of your business has led you to decide to adopt a compact way of daily recording sales. So you scoured the entirety of the internet in search for the perfect way to help you record, organize, and track daily sales. Luckily for you, the internet is a wise sage able to give you the answers that you seek in the form of a Cash Receipts Journal. A Cash Receipts Journal is an accounting journal used to record your business’s daily cash sales. To help you start to record, organize, and track your business’s daily sales, here are the steps on how to prepare a Cash Receipts Journal Form.
Step 1. Gather the Receipts from Today’s Sales
First, gather all the sales receipts from today’s sales. Your sales receipts are where you first record the sale of an item. It often comes in duplicates where one is issued to the customer once payment is made and the other kept for accounting purposes. Your sales receipts show the amount of the item sold, which forms a part of your daily income. Those amounts will then be recorded in your Cash Receipts Journal along with the name of the customer, item sold and receipt number.
Step 2. Download a Cash Receipt Journal Template
Secondly, Download a template of the Cash Receipts Journal Form. Downloading a Cash Receipts Journal Form template makes your job easy by avoiding making one from scratch. Making use of a ready-made template helps save precious time by having a ready-made platform to work on. To download a Cash Receipts Journal Form, choose among a wide variety of ready-made templates and click the download button located beside it. Since your business is continually growing, why not take a look at our accounts receivable forms in case a customer wishes to place bulk orders of toys and balloons on credit.
Step 3. Edit the Cash Receipt Journal Template
Thirdly, Edit the template after choosing and downloading a Cash Receipts Journal Form template. To edit the template, just type in the information asked for by the form, on the rows and columns intended for it. The form will typically ask for the following information, such as:
- Name of customer
- Receipt number
- Item Sold
It is also important that you accurately state facts and figures for transparency purposes. This is so as to prevent any problems during the accounting process during the opening of the accounting books.
Step 4. Print and Sign the Cash Receipt Journal Form
After editing the Cash Receipts Journal Form template, you can now proceed in printing your Cash Receipts Journal Form using your office printer. It is best that you also print multiple blank copies of the Cash Receipts Journal Form for compilation purposes. For that, you can opt to hire the services of a commercial printing shop not just to print your Cash Receipts Journal Forms but also bind it into a book. You’ll just have to fill in an order form to place a printing order to a commercial printer of your choosing.
Step 5. Compile the Cash Receipt Journal Form
Lastly, after printing the Cash Receipts Journal Form, compile your completed Cash Receipts Journal Forms along with the blank copies of it. You can compile your Cash Receipts Journal Forms in a binder that you can readily purchase in a school and office supply shop. Or, you can hire professional help to have your Cash Receipts Journal Forms bound into a book. Going DIY or using professional help has its pros and cons. Going DIY may save you money at the cost of durability while using professional help guarantees durability but at a cost. Anyway, having a compiled Cash Receipts Journal Form enables you to have a cash receipts journal book that you can continually use in the future.
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