Petty Cash Templates

For some people, the receipts are nonsense pieces of paper that clog their wallets and purses. But if you run a business, the receipts are vital pieces of information that you should keep in mind! Not only will you need receipts to keep an accurate accounting, but you can also get tax deductions from the Income Tax Department if you have your physical receipts.

If your company is audited, you will need a copy of your receipts. You should keep the receipts in a safe place and make sure they are organized so you can check the previous transactions! Also, how will you adjust your business habits or will you make a profit if you do not know where your money is going or who you are investing? If you are new to the business world, you may not realize that there are many different types of receipts. Each receipt has its own purpose and should be used for certain transactions, take a look:

Purchase receipt

As the name implies, this receipt shows when your company made a sale. The companies will make a record of the goods they bought, the amount of that purchase, the location of the purchase and the method of payment. Sales receipts are especially important in retail businesses since customers like to do exchanges and returns. A customer’s sales receipt will show that their products were actually purchased from that particular B & M business.

In business, it’s important to know how much money you are going in and out so you can pay your expenses in a timely manner. The best way to forecast your cash flow is through a spreadsheet that can be updated or easily changed.

You can set up your own spreadsheet, either from scratch or use one of the many templates available on the Internet. The alternative is to buy some cash flow software. In fact, these days you can buy software that imports the information in your account statement directly into your cash flow.

 

Petty cash receipt

Many companies have a small cash reserve. This money is kept in cash since it is used to make purchases from small businesses and give refunds. Since theft is frequent with cash, most companies require a receipt so they know where the cash goes. If a manager asks an employee to make a small purchase with his own money, the manager must reimburse the employee with money from the petty cash fund. A petty cash receipt should indicate to the people who are in charge of the cash fund, for what commercial elements the cash was used, the people who used the cash and the total amount spent.

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