Tracking Cash: Bookkeeping Musts after You Get the Money
Receiving incoming money is all well and good, but as a bookkeeper you need to remember to take certain steps after it arrives. You need to:
Record transactions in your books.
Track individual customer accounts.
Record any discounts that were offered.
Track any returns or allowances.
Collect from customers to whom you sell on credit.
Monitor customer accounts to be sure they pay on time.
Write off accounts from customers who just won’t pay.