Posts by shadowwalker79

Robin Cook4 said:So if I'm already tracking everything through the cash receipts and disbursements journal, do I still need to go through the inventory records?

That’s exactly the point! The cash receipts and disbursements journal tracks what’s actually been paid or collected. It's pretty straightforward—only actual cash movements hit that book.

Personally, I record every single invoice in the current month using accrual accounting. I don't just wait for the money to move so I can pull my KPI reports. Since I book everything regardless of whether the cash has cleared, I have a perfect paper trail. Honestly, isn't it way easier than playing detective with your bank statements trying to figure out which bills were actually settled? Once I've logged them, I can get everything posted 🙂

ruggedheron13 said:He’s never actually had an accountant before. He did some work for just a few months last year, and now he’s stuck with me for the year-end wrap-up. He isn't even registered for sales tax... Honestly, I have no clue what I'm going to do or what can actually be written off. I’ll try to squeeze every possible expense out of this pile of papers, but since he was doing retail, I don't even have a price list or inventory logs... Man, why did I ever get into this profession? 🙂 thanks everyone!

Basically, anything backed up by actual paperwork can pass.😉
Retail, huh? So who was handling the purchase orders or running the inventory counts then? And this whole thing about the receipts doesn't make sense to me—by law, they're required to issue them. If everything was invoiced properly, why is there even a struggle with turning in the receipts? 😕