Tracking Cash: Bookkeeping Musts after You Get the Money

Part of Bookkeeping Workbook For Dummies Cheat Sheet (UK Edition)

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.