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Learn Bookkeeping in 7 Days: Don't Fear the Tax Man by Rod Caldwell

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Day 3: Cash receipts and cash payments

Key terms and concepts

Cash: besides meaning actual money, in business cash usually means cheques as well as direct debits and credit card transactions.

All cash receipts are accounted for in the cash receipts journal.

All cash payments are accounted for in the cash payments journal.

When combined, the cash receipts and the cash payments journals are often referred to as the ‘cash book’.

In days 1 and 2 we categorised our transactions according to a chart of accounts that we created to suit our own business needs and we recorded our business transactions on a ‘one by one’ basis, which can be very time-consuming. In this lesson we will learn about special journals that make the recording of ...

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