Partnerships, Corporations & Non-Profit Organizations With Daily Bookkeeping Concepts - Accounting Assignment Help

Assignment Task

After completing the instruction in this lesson, you will be trained to do the following:
? Work with the different daily accounts and receipts.
? Explain the difference between petty cash and change accounts.
? Prepare a daily summary of receipts.
? Journalize the daily summary.

Lesson
Up until now, we have discussed bookkeeping procedures as they apply to “specific accounting periods.”These accounting periods are usually months, quarters or years. There are, however, many businesses thatmust have some bookkeeping done every day. These daily bookkeeping procedures enable business owners,especially those in retail sales and service businesses, to keep a running tab on how their business is doing.You may be asked to prepare a daily summary of receipts for such an owner. This lesson will show you howto prepare that document. In addition, you will learn how to handle petty cash and change accounts, as well as cash receipts and sales. These items all work together to prepare the daily summary.

Daily Cash and Accounts
You’ve probably had the experience of going into a store just minutes before closing to make a last minutepurchase. You may have found that the clerk is busy with the end-of-the-day procedure—counting the cashin the register and recording and filing credit slips.Keeping track of the daily cash and accounts is often the responsibility of the bookkeeper. This section willshow you how to organize those receipts into a summary called the daily cash and sales summary.
You may wonder why a daily summary is so important. It is important for three reasons:
1. It reconciles the daily sales with the amount of money brought in.
2. It keeps employees honest—an employee who knows his or her cash drawer will be reconciled at the end of the day will be careful to handle each sale accurately.
3. It provides an easy-to-read source of information for journalizing the day’s transactions.

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