INVOICES FOR SALES
You must keep a copy of all invoices sent out to your customers. This will verify the entries you make in your deposit book, cashbook and income tax returns.
The following are helpful hints for keeping sales invoices:
- File your invoices in an organized manner. You could file them according to their date of issue. It helps to put a file divider between each month.
- If you are using a manual system it is a good idea to use a consecutively numbered invoice book in duplicate and triplicate. This way you can send the original to the customer, file the second copy in a separate alphabetical filing system, and keep the third copy in the book as a permanent record.
- Write an invoice for every sale, including credit sales and lay-a-away sales.
- Make sure you record all your unpaid invoices as debtors.
CASH REGISTER TAPE
Some businesses, like groceries shops for example make a large number of small cash sales. These businesses are not required to record the name of each customer in a deposit book or issue a sale invoice for each sale.
It is more appropriate for such businesses to use a cash register tape. Make sure that all your cash sales are recorded on the tape. Keep these tapes in a daily order by highlighting the date on each tape then store them with your other business records.
The amount you deposit as cash sales in your deposit book should equal the total on your cash tape.