Session outline State the importance of keeping business records

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Presentation transcript:

TRAINING OF TRAINERS (TOT) FOR UWEZO FUND MANAGEMENT COMMITTEE ON RECORD KEEPING IN BUSINESS MODULE

Session outline State the importance of keeping business records Identify various business records Prepare business records

Importance of keeping business records Ensures tracking of use of business resources Determines whether the business is profitable on not Determines tax obligation of the business Sources for funding Determines the value or growth of a business over time.

Identifying various business records Receipt book: For recording monies received Payment vouchers: For recording monies paid out Cash book: For recording Cash IN and Cash OUT transactions Bank deposit, withdrawal slips and bank statements

Task 3: Preparing various business records Receipt book: For recording monies received

RECEIPT Business Name: Address: Receipt No:………………… Date:…………………….. Received from : Amount: In words: Purpose: Form of Receipt: Cash/Cheque No. Received by ____________________________________

Payment vouchers For recording monies paid out

Cash book: For recording Cash IN and Cash OUT transactions Month: Year: Name Bidii Suppliers January 2012 RECEIPTS PAYMENTS Date Description Amount 19 Cash from Salary 20,000.00 4 Office rent 6,000.00 22 Sales from business 15,000.00 10 Materials: shovels 3,000.00 30 5,000.00 15 Electricity 1,000.00 MGR 4,000.00 20 Salaries: casuals Totals for the month 44,000.00

Balance Brought Forward 0.00 + Total Receipts 44,000.00 - Total payments 14,000.00 = Balance carried forward Prepared by: Date:________________ 30,000.00 Checked by:

Bank deposit, withdrawal slips and bank statements All these provide evidence of transactions carried out in the bank

Task: Preparation of business records Instructions Using the following source documents samples, fill the following; Receipt book Payment voucher Cashbook

Thank you for participating Any questions?