Cash Logs

Either you are running a business or not, you must know the importance of cash, it’s handling, and it’s proper check or recording. In organizations or businesses, irrespective of the size of it, proper records or sheets are maintained in which the cash flow is recorded. These sheets or records are known as logs. The main items that are most commonly recorded on the sheet are purchases, sales and the amount that is sent to the bank at the day’s end. In simple words, this log helps the user in following the money trail. All the receiving and payouts are carefully recorded on it for the future referencing and making of cash flow. This log can also track the income on a daily basis and also the outgoing of cash.

The management of the company can make the best use of this cash log. At the end of the reporting period, which can be a day, a week or even a year, the manager or the custodian can count the money in hand or in a safe and the amount of cash written on this Log. By just doing this match, the discrepancies can be identified very easily. After each reporting period, a new Cash Log is generated and the balances carried down to the next period are recorded on the date. So basically, this Cash Log is the physical paper-based record or trail of the cash in and cash out.

As we now know that how crucial and important this document is for a company who wishes to keep a good record of all the cash flow, it is advisable to use a template for these petty cash logs. By using a template, it can be made sure that time is saved as it is needed after every reporting period ends. A typical template needs to be precise, accurate, and easy to understand and filled and very well drafted. Ensure that the period to which it relates should be mentioned on the sheet. The log must be made in columns and rows form so that all the information entered can be seen in just a glance.