The most important books that you must keep for your daily records are:
When anyone hands any money into the organisation you must give them a receipt. This receipt proves that money was handed in. You give the original receipt to the person who gave in the money, and the duplicate is left in your receipt book.
When you receive money you should deposit it in the bank as soon as possible. It must never be used as petty cash.
It is best to buy a receipt book from a stationery shop and to put your stamp on every page.
You should keep some money in the office for small payments. If you need R100 for stamps, tea or milk, you will use petty cash to make these payments.
How does petty cash work?
All the petty cash that is spent must be recorded on a petty cash voucher.
The receipts or invoices or cash slips that you get when you pay for something must be kept. These slips should be pinned onto the petty cash vouchers.
At the end of each month the treasurer must record the information from all the vouchers into the petty cash book. You can use an ordinary school exercise book for the petty cash book. At the end of the month, the petty cash book must be balanced.
To do this you must: