WHAT KINDS OF RECORDS SHOULD YOU KEEP?
The following are various records every business should keep:
Salaries : A business owner is expected to keep a record of the amount paid to self and to all employees.
Cash Balance : The owner should keep track of how much cash is available at any given time to determine if bills can be paid.
Accounts Receivable : Under certain conditions, the owner extends credit to some customers. The money owed is called accounts receivable.
Accounts Payable : In some cases, the owner collects credit from some suppliers. The money owed is called accounts payable.
Government Requirements : The owner must file annual financial statements for government records and tax purposes.
Sales: this deals with keeping records of all your transaction history and incoming revenue
Stocks : These are the stock-in-trade and other raw materials. You can track inventory in two ways. Either periodically where you make a physical count of the inventory daily, monthly, yearly or any other period that matches your business needs. Or, whenever you make a sale - do whichever is easier for you and your business.
For more lectures on bookkeeping in your business, please visit the Ministry of Business Development at Staff Development Center, Abakaliki or call 09030224781
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