So, you want to learn
Bookkeeping!
Cash
by Bean Counter's Dave Marshall

Lesson 6
Review


Introduction Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Lesson 6
Bean Counter
If you don't take anything else away with you from this Tutorial, you should now at least be aware of the importance of managing and controlling the life blood of your business - Cash !

What Did We Cover ?

Lesson 1 Recording Cash Transactions discussed and reviewed the different journals, records, documents, and forms used to record and keep up with the cash coming in and going out of a business. Sample journals, records, and forms were illustrated and discussed to show you what journals, records, and forms to use and how to use them.

Journals, records, documents, and forms discussed include:

  • Check Book
  • Cash Disbursements Journal
  • Payroll Journal
  • Cash Receipts Journal
  • Daily Cash Form
  • Deposit Book and Slips
  • Credit Card Slips
  • Checks

Lesson 2 Petty Cash explained what Petty Cash is and how you set up, control, operate, and replenish the fund when it "runs out of cash". In addition, samples of the various forms and records used were illustrated and explained. A detailed example was also provided as an aid to understanding how to operate a Petty Cash Fund.

Lesson 3 Bank Reconciliation defined, explained, and illustrated common banking terms that you need to understand in order to accurately prepare a bank reconciliation. The lesson also discussed and explained what's involved, what records are used, and the detailed steps taken to properly prepare a bank reconciliation. In addition, the lesson had you, with a little help from me, actually prepare a bank reconciliation for a fictitious business.

Lesson 4 Cash Controls attempted to take the mystery out of what accountants call Internal Controls - specifically the internal controls that involve Cash. The lesson also presented some good ole common sense procedures to help monitor and control your cash.

Lesson 5 Cash Forecasts / Projections / Budgets discussed and explained what a Cash Forecast is, what's involved in preparing one, why you need one, how it benefits you, and what information and tools you need in order to prepare one. The lesson also provided you with my free Simple Cash Forecasting Template(Excel or free Open Office Spreadsheet needed to use). The Cash Forecasting Template was explained and used when you prepared an actual Cash Forecast for a fictitious business.

What should we now know or at least be familiar with ?
  • How not only profits but also cash flow are critical elements to the success of a business.
  • Some ways to consider and implement to improve your cash flow.
  • The importance of maintaining good cash records and what the records are.
  • What a petty cash fund is and how to use one.
  • How by establishing some common sense rules and procedures you can help safeguard your business's Cash.
  • The importance of preparing a monthly bank reconciliation and how to prepare one.
  • Why a Cash Forecast is an excellent tool for a business to use and how to prepare one.

I bet you thought, I was going to let you skate. Sorry, no such luck. I just got thru telling ya above what all we covered. Let's see if anything stuck to those brain cells.
Just A Little Quiz

For the "kid" in all of us,
try my Games.
  • Fling The Teacher Game
    The object of my Fling The Teacher Bookkeeping and Accounting Games is to build a trebuchet by correctly answering 15 questions. If you can get it completely built, you can get rid of me (at least for a little while) by using the catapult to fling me away. A trebuchet, for those like me that didn't know, is a catapult or type of medieval artillery used during sieges.
  • Basketball
    The object of my Basketball Bookkeeping and Accounting Games is to test your 3-point shooting skills in addition to testing your basic bookkeeping and accounting knowledge.
  • Walk The Plank
    The object of my Walk The Plank Bookkeeping and Accounting Games is to feed me to the sharks by making me walk the plank. You accomplish this by answering bookkeeping and accounting questions correctly.
Lastly, I don't want to burst any bubbles, but if you don't know already, there is no Santa Claus ! So, you can't depend on him to bail your business out when you have cash flow problems (besides he only comes around once a year anyways); but, if I did my job you should now have the knowledge and tools to manage your cash and foresee problems ahead of time and take actions to head them off.
If you benefited from my tutorial, consider purchasing an E-book or CD version of my tutorials. Your support makes it possible for me to continue to develop and add additional new tutorials to my Bean Counter Series.
Purchase E-book or CD Versions

Once Again Your Humble Tutor
Dave Marshall
Bean Counter

Cartoons in this tutorial provided by Ron Leishman. If you enjoyed them, get some of your own Toon-A-Day.
http://www.toonaday.com

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Introduction Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Lesson 6
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