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The cashbook gets maintain in every office or shop. Besides, it is used to take down all the cash receipts and payments that are deposited & withdraw in the bank. However, it is written down in chronological order for every month with the date of transactions.
Cashbook, the word can be break into two parts- cash & book. So, the cash is the real monetary instrument like coins or notes. It is used as a medium of exchange for obtaining goods and services. And the cash receipt journal is where the compiled record of all transactional information is available for every day and every month in the written or printed form. Besides, it is the first book to record all the cash transactions of the business. And it also acts subsidiary book to post all the cash transactions like the cash account in the ledger. Thus, we believe that insight knowledge is essential when you are investing your money on it. So, before you decide to buy cashbook for small business, it is advisable to go through the article, to make your shopping satisfying and hassle-free.
Have you ever wondered how these big & small companies keep all the financial details minutely? Yes! Through the help of the logbook where the mistakes are trace back correctly. The balance of the logbook is calculated with the sum of money in hand. Besides, the daily transactions in the company put down in the book. Thus, it helps you in checking a regular record of cash receipts and payments. This single book is quite sufficient to record the cash movements. However, there are different kinds of cashbook for accounting which you need to learn to get a clear insight about the same.
The single or simple cash logbook will only record the cash transactions. However, as the name suggests it features debit and credit columns which records the receipts and cash payments. It also cut off the need for a cash ledger account as all the transactions are let down here. And the balance of the company money is done frequently, so there is no worry about any payment left out. Even some of the companies balance their logbook daily, to avoid any mishaps. Thus, this makes it the best cash flow book! But there is one thing which needs to be clear that it only shows debit balance, not the credit balance.
Unlike the single column logbook, the double column cash journal has an additional column for discounts. Thus, along with the cash transactions, you can record the discounts. So, there are two columns- debit and credit. The discounts which are given away is a loss, and it's on the debit side. On the other hand, the discount which receives is profit, and it's on the credit side. Thus, at the end of the month or year, both the columns are balanced. And the closing balance is transfer to the account. So, if your company is in the practice of giving or receiving discounts, then you can buy this cashbook for sale online in the UAE.
This is the most time-consuming cash journal as it has three columns- cash, bank, and discounts. Besides, the large industries mostly manage this sort of logbook to deal with cash, bank and discounts. The cash discounts which are receive & given away by the firm. Thus, there is no harm in having a cash column on your triple column cash logbook. Especially when it makes the cash movement clear and easy to understand. However, contra entry is the transaction that happens between a cash account and a bank account. Thus, buy cashbook online in the UAE to make the best out of it.