Accounting

September 3, 2015 In Accounting, Profitability Tips

Your Daily Numbers

Some numbers need reviewing on a daily basis, and one example of this is cash.  When cash is coming in from a number of places, it’s great to have a daily summary of what was collected.

It’s also great to make sure all the collections hit your bank account so you can feel confident that no errors were made along the way.  A daily cash reconciliation report will serve both needs very well.

A daily cash report will vary depending on the type of business you have, but it will look like a combination of a bank reconciliation and a sales report wrapped into one.

If you are managing your cash closely from day to day, then this report will help you stay sane.  You’ll need two very brief spreadsheets to get started.  The first one below is your daily sales from all sources.  Your accounting system may be able to generate this.

Today’s Sales
Cash $300.00
Checks $600.00
Total Bank Deposit $900.00
Mastercard Visa $400.00
American Express $200.00
Total Credit Card Due $600.00
PayPal $100.00

If your accounting system is up to date, all you’ll need to do is pull the cash balance and adjust for today’s activity.  The following day, you can double check your accuracy and adjust accordingly using the last two rows.

Daily Cash Report
Book Cash Balance $5,000.00
Deposit from Today’s Sales $900.00
Merchant Deposit $600.00
Less Checks Written Today ($1,200.00)
$5,300.00
Expected Bank Balance Tomorrow $8,300.00
Actual Bank Balance $8,300.00
Explain any differences

If your accounting system is not updated in real time, you’ll need to start with the bank balance and correct it for uncleared transactions as well as list today’s activity.

Daily Cash Report
Bank Balance $5,000.00
Deposit from Today’s Sales $900.00
Merchant Deposit $600.00
Less Checks Written Today ($1,200.00)
$5,300.00
Checks Still Outstanding ($3,000.00)
Deposit from A/R Paid $5,000.00
Expected Bank Balance Tomorrow $8,300.00

 

Using these formats, you can easily extend them to cover the entire week.  This way, you’ll know what your cash balance will be from day to day.

If you see the value of this report for your business and would like help creating it, please reach out.

Monthly Archives

Categories

  • Accounting (33)
  • Bookkeeping Tips (16)
  • Business Development (47)
  • Business Tips (85)
  • Cloud Accounting (2)
  • Cool Tech Tools (6)
  • Cost-Savings Tips (16)
  • Customer Service Tips (11)
  • Decision-Making Tips (5)
  • Expense Reduction Tips (7)
  • Management Tips (40)
  • Payroll Tips (5)
  • Profitability Tips (20)
  • QuickBooks Help (2)
  • QuickBooks Software (2)
  • QuickBooks Training (1)
  • Social Media (4)
  • Tax (1)
  • Time Management Tips (16)

6965 El Camino Real #105 PMB 683, Carlsbad, CA 92009 | 408-550-4325 | support@sandismith.com

Copyright Sandra L. Leyva, Inc. 2020 | Legal | Privacy | Cookies

We use cookies to offer you a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking on or navigating the site, you consent to our use of cookies. Accept Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.