Objectives And Importance Of Cash And Banking Transactions

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A business must have strict financial rules and accounting system to perform , record, report and control the cash and banking transactions. Proper recording and accounting of cash and banking transactions are important to achieve the following objectives.

* To have systematic and permanent record of all cash and banking transactions in a separate book.

* To obtain reliable and detailed information of all cash receipts and payments easily and immediately.

* To keep effective control over misappropriation of cash and banking transaction.

* To know the main sources and heads of payment of cash.

* To know cash and bank balances.

* To help to prepare cash budget and to avoid the possibility of having excess or shortage of cash.

* To make the cashier and other concerned officers accountable for all cash and banking transactions.

Related Topics
Concept Of Cash And Banking Transactions
Concept And Types Of Bank Accounts
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