RECORD/BOOK KEEPING IN BUSINESS

By Oladipupo Clement

STAY INSPIRED!

FUNDAMENTALS OF RECORD/BOOK KEEPING

1. HAVE AT LEAST A BOOK KEEPER TO HANDLE ALL YOUR RECORDS. 
This is very essential because it can be very tasking to keep records for your business and run around for business contracts at the same time. You also don’t want to be trapped with paperwork (especially when there is little or nothing to account for).

2. DISCOURAGE CASH TRANSACTIONS AS MUCH AS POSSIBLE. 
Whatever your business line, encourage bank lodgements to give every income or expense a history or trace. With the bank statement, you are able to track inflows and outflows whenever you choose.

3. KEEP DAILY RECORDS. 
Never postpone till later date. Reconcile your books daily especially when you have cash transactions. Otherwise, you may forget.

4. ONLY ACKNOWLEDGE RECEIPTS UPON CONFIRMATION OF BANK DEPOSITS.

5. CREATE PAYMENT VOUCHERS TO DOCUMENT YOUR OUTFLOWS WHILE YOUR RECEIPTS ACKNOWLEDGE INFLOWS. These items represent a significant part of your source documents which the auditors need to prepare your accounts.

Please feel free to send in your questions, comments and suggestions.
Till we meet again next week, Enjoy the rest of the week.

NOTE:
Be part of the solution in your little corner or sphere of influence!
Take the practical step toward making Nigeria a better and richer nation.
MAKE A DIFFERENCE!

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