Cash Payment Receipt Templates
There is no assets with higher inherent risk of theft than cash. Because of this , it is important to have a strong internal controls in place to protect cash payment receipt. The cash payment receipt from the seller to the buyer or the customer or the client. It is important to be very careful while filling in the receipt as any miscalculation can lead towards a dispute that spoils the reputation of that very person.
The cash payment receipt has all the details of a customer that he/she bought from you. It is for the record keeping purposes. So, the cash payment receipts have certain very essential parts. At the top of the receipt there is the name of the store, company, organization, institution etc, along with the location of it, the date and time of making of receipt. After this the main part of the receipt comes in. It includes all the items being purchased by the customer. The detail description of each of them along with the quantity of each item. After this, the total amount section is present. It also includes the amount of each item.
Cash payment receipts are not the only way of receiving cash by a company. Many companies may also use mail services for collecting cash in return of products and services. The customers mail in cash and check for payments in accounts.
As with any other accounting systems, there are many problems attach with the cash payment receipt. It is very important to have an efficient system to control the loses as a result of these problems.
Control of Cash Payment Receipts over the Counter:
When a company sells good for cash over the counter, just like in a retail setting. They are at risk of theft. In order to control that they can use the following procedures.
- The cash payments receipts for each transaction records the cash received for it. At any point the actual cash can be find out by comparing to the receipt records to see the imbalance.
- The cash drawer is open only when there is a new transaction. This system is very useful to solve this problem.
- At the end of the day the total cash is compared to the total receipts. It will calculate the difference very quickly and easily.
- There must be an accounting department where the further records of cash payment receipt are present. The register tape is send to them. If there is any difference after their evaluation then investigation could be the next step for finding out the thief.
Therefore, it is now clear that the good control over the cash payment receipts is a separation of duties. The person receiving the cash is not necessarily the person who is entering the amount in to the accounting system. The cash basically goes to another department and then at the end an audit is done to make sure that the deposits in the bank for a particular month are the same as those recorded in the cash ledger.
Free Cash Payment Receipt Templates
Here are previews and download links for these Cash Payment Receipt Templates.